Fair and Accurate Credit Transaction Act

The Fair and Accurate Credit Transaction Act (FACTA) was signed into law in 2003 and provides a number of consumer protections. Besides providing additional fraud protection it allows the consumer access to one free credit report annually. Additionally FACTA changes the standard for furnisher accuracy from knows or consciously avoids knowing to the higher standard of knows or has a reasonable cause to believe information is inaccurate.

This is a much higher standard and as such requires furnishers to establish guidelines regarding accuracy and integrity of information furnished to the credit reporting agencies. Most importantly upon request a study of the accuracy of a consumer reports must be conducted and accuracy and integrity must be verifiable.

The FACTA allows consumers to dispute information and initiate an investigation directly with the furnisher. Furnishers must notify the bureau the account is under dispute. Finally FACTA requires that a creditor notify a consumer when it offers credit terms that are materially less favorable than the most favorable terms available to a substantial proportion of consumers.

Give your credit repair specialist a call for your free credit repair plan. Fix credit score Texas 877-879-1177.