FACT Act: Disposal of Consumer Report Information

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. 

When did the rules take effect?

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 Disposal of Consumer Report Information FAQs (PDF:108KB)

Who can I call for more information?

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

At NAR, you may contact:
Scott Rinn
Business Issues Policy Representative, Regulatory and Industry Relations
ph: 202.383.7508

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 on Disposal of Consumer Report Information (PDF: 102KB)

The Federal Banking Agency final rule was published in the Federal Register on December 28, 2004 (69 FR 77610).

Federal Banking Agency final rule (PDF:103KB)

Financial Services/Fair Credit Reporting Act Issues page