The Fair and Accurate Credit Transactions Act of 2003
The Fair and Accurate Credit Transactions Act of 2003 (FACT Act) requires individuals and businesses that possess or maintain consumer report information for a business purpose to dispose of it properly. This means you must take reasonable measures to protect against unauthorized access to the information. The Federal Trade Commission (FTC) final rule took effect on June 1, 2005. The federal banking agency rules took effect on July 1, 2005.
To learn the details about these requirements, see the Qs&As (108K PDF file).
Who can I call for more information?
The FTC Bureau of Consumer Protection, Division of Financial Practices, can be reached at 202/326-3224. You may also call Jeff Lischer , Manager, Financial Services, at NAR’s office in Washington on 202.383.1117.
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Where can I find the rules?
The FTC final rule was published in the Federal Register on November 24, 2004 (69 FR 68690).
FTC final rule in the Federal Register
FTC final rule (102K PDF file).
The Federal Banking Agency final rule was published in the Federal Register on December 28, 2004 (69 FR 77610).
Federal Banking Agency final rule in the Federal Register
Federal Banking Agency final rule (103K PDF file).
 Financial Services/Fair Credit Reporting Act Issues page
Note: To read a PDF file you must have Adobe Acrobat Reader installed on your computer - it's available free from Adobe Systems.
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