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Fair and Accurate Credit Transactions Act

The Fair and Accurate Credit Transactions Act, passed in 2003, amended the Fair Credit Reporting Act. Provisions impacting banks include those related to identify theft, credit scores, risk-based pricing, sharing of information with affiliates, obligation of banks to report accurately and resolve consumer disputes, and address change requests.

The provisions in the Fair and Accurate Credit Transactions Act impacting banks include those related to: requirements that furnishers adopt identity theft prevention policies; fraud and active duty alerts; blocking the reporting of information a consumer identifies as related to identity theft; creditor requirements to provide credit scores they used; limitations on the use of consumer reports by affiliates; risk-based pricing notices; disclosures to inform consumers that negative information will be reported to consumer reporting agencies; furnisher obligations to report accurately, right of consumers to dispute information contained in a consumer report directly with the furnisher; and requirements to reconcile discrepancies in addresses in contained applications and consumer report.

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