Summary of FCRA aka
FACT
Following a public comment period, the Federal Trade Commission
has issued final summaries of identity theft and general consumer
rights and revised furnisher and user notices under the Fair Credit
Reporting Act (FCRA) and the Fair and Accurate Credit
Transactions Act of 2003 (FACTA). Consumer reporting companies are
required to notify consumers of their rights under FACTA and steps
they can take to protect themselves against identity theft and
difficulties resulting from identity theft.
The identity theft rights summary includes the major new
identity theft rights granted to consumers by FACTA, including the
right to place fraud alerts on their credit reports, to block
businesses and credit bureaus from reporting information in their
credit files that is a result of identity theft, and to obtain from
businesses information about accounts or transactions in their name
that result from identity theft. The identity theft rights summary
will be provided by consumer reporting companies to consumers who
contact the agencies because they believe they are victims of fraud
or identity theft.
The general consumer rights summary includes, among other
things, consumers' right to see their credit files and know when
they have been used against them, to correct inaccuracies, and to
opt-out of unsolicited offers. The summary also notes that, in
addition to identity theft victims, active duty military personnel
have additional rights under the FCRA and FACTA. This general
summary of rights updates the current summary, which credit
reporting companies provide to consumers with their credit reports.
The furnisher and user notices explain to businesses their duties
under the FCRA.
The FTC received 50 comments from individuals, businesses, and
associations. In response to these comments, the Commission has
made some changes to the proposed summaries and notices it issued
in July 2004, including: (1) the addition of a Spanish-language
statement at the top of the summary of rights indicating where
Spanish-speaking consumers may go to obtain more information in
Spanish; (2) clarification that a consumer must contact the
nationwide consumer reporting companies to request that a fraud
alert be placed on his or her credit file, and that the initial
alert remains in a consumer's file for at least 90 days; and (3)
clarification that
a consumer may request that a consumer reporting company block any
information, not just account information, in the consumer's file
if the information is the result of identity theft.
Summaries of Rights and Notices of Duties Under the FCRA FACT
Act: Publication of Final Guidance on Model Disclosures:
http://www.ftc.gov/os/2004/11/041119facta.pdf
Appendix E: Summary of Consumer Identity Theft Rights: Remedying
the Effects of Identity Theft
http://www.ftc.gov/os/2004/11/041119factaappe.pdf
Appendix F: Summary of Consumer Rights Under the FCRA
http://www.ftc.gov/os/2004/11/041119factaappf.pdf
Appendix G: Notice to Furnishers of Information: Obligations of
Furnishers Under the FCRA
http://www.ftc.gov/os/2004/11/041119factaappg.pdf
Appendix H: Notice to Users of Consumer Reports: Obligations of
Users Under the FCRA
http://www.ftc.gov/os/2004/11/041119factaapph.pdf
FCRA
http://www.ftc.gov/os/statutes/031224fcra.pdf
GLBA
http://www.ftc.gov/privacy/glbact/glboutline.pdf
DPPA
http://www.nydmv.state.ny.us/forms/mv15dppa.pdf
ADA
http://www.sba.gov/ada/smbusgd.pdf
|
