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The Fair and Accurate Credit Transactions Act of 2003 (FACT Act)

New regulations that became effective in 2008 affect NAR members that have affiliated businesses and those that deal with credit reports.

January 11, 2012

The Identity Theft Red Flags and Address Discrepancy Rules require all users of credit reports to take certain actions whenever a credit report contains a notice of an address discrepancy. The rules also require all creditors, and those that regularly arrange for credit to be provided, to establish policies and procedures to protect against identity theft.
January 11, 2012

New regulations that became effective in 2008 affect NAR members that have affiliated businesses and those that deal with credit reports. The Fair Credit Reporting Act of 1970 (FCRA) was amended by the Fair and Accurate Credit Transactions Act of 2003 (FACT Act) late in 2007 adding several new regulations affecting some NAR members. 
January 11, 2012
The Affiliate Marketing Regulations, issued by the Federal Trade Commission (FTC) and the Federal banking agencies, generally require a company to provide a notice to consumers and an opportunity to opt out before an affiliated company can use certain information for marketing purposes. The affiliate marketing notice is in addition to the privacy notices already mandated, and would be a second required notice and opt out opportunity. 

About

The Fair Credit Reporting Act of 1970 (FCRA) was amended by the Fair and Accurate Credit Transactions Act of 2003 (FACT Act) late in 2007 adding several new regulations affecting some NAR members.

Download the FACT Act

Compliance

Both the Affiliate Marketing Rules and the Identity Theft Red Flag Guidelines went into effect in late 2008.

Generally, the FACT Act requires the Federal Trade Commission, the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Comptroller of the Currency and the Office of Thrift Supervision (the Agencies) to issue joint regulations and guidelines regarding the detection, prevention, and mitigation of identity theft.

For more information

The FTC Bureau of Consumer Protection, Division of Financial Practices, can be reached at 202.326.3224.

You may also call:

Charles Dawson
Associate Policy Representative
ph: 202.383.7522
cdawson@realtors.org