Provisions of New Fair and Accurate Credit Transactions Act Will Help Reduce Identity Theft and Help Victims Recover

Federal Trade Commission (FTC)Identity Theft
Risk Management

The Federal Trade Commission today said that provisions of the recently enacted Fair and Accurate Credit Transactions Act will help reduce identity theft and help victims recover. In testimony to the House Ways and Means Committee’s Subcommittee on Social Security, Howard Beales, Director of the FTC’s Bureau of Consumer Protection, said that many of the provisions will go into effect over the course of this year.

The testimony says one of the newly enacted provisions requires the three major credit reporting agencies to provide consumers with a free copy of their own credit report every 12 months. The requirement will become effective in December but will be phased in over nine months from West to East. The reports allow consumers to discover and correct errors in their credit records and to assure that accounts have not been fraudulently opened in their names.

> Read entire regulation (log in required - registration is free)