home

contact us

forms

fees

services

about us

links of interest

home loans

cash advance loans

support

member specials

committee members

Fair and Accurate Credit Transactions Act (FACT Act)

This webpage was created to inform consumers about the new Fair and Accurate Credit Transactions Act's (FACTA) consumer provisions -- which gives new rights to free credit reports. FACTA also provides new rights to obtain your credit score. FACTA became law in December 2003.

FACTA affects your ability to obtain your credit report and your credit score in the following ways:

• Under FACTA, you will have the right to obtain one free copy of your credit report from each of the three major credit bureaus every 12 months. Rules issued by the Federal Trade Commission (FTC) provide for free credit reports to become available in stages, beginning in western states December 1, 2004, and gradually moving east with completion due by September 1, 2005. FACTA also requires the major credit bureaus to provide a single point of contact so you can request your reports from all three companies with one toll-free phone call, letter or Internet request.
• Prior to FACTA, some providers of credit scores voluntarily made them available to consumers. But starting December 1, 2004, you will have new rights to obtain your score from a credit bureau as well as an explanation of the key factors used in computing the score.
• Title V of the FACTA established the Financial Literacy and Education Commission with the purpose of improving the financial literacy and education of persons in the United States. To reach the widest number of people possible, the Commission established a website (www.mymoney.gov) and a toll-free telephone number (1 (888) mymoney (696-6639)) to coordinate the presentation of educational materials from across the spectrum of federal agencies that deal with financial issues and markets.

Below are current links with information regarding FACTA:

FDIC Consumer News Articles

• Fall 2004: Coming Soon: Free Credit Reports and Access to Credit Scores

Credit Report and Credit Scoring Information from the FTC

• Your Access to Free Credit Reports
• Your Access to Free Credit Reports - PDF 322k (PDF Help)
• FTC Seeks Comments on Proposed Fee for Credit Scores

Financial Institution Letters

• FDIC: FIL-130-2004: Fair and Accurate Credit Transactions Act Effective Dates