Key Parts Of 2003 Fair And Accurate Credit Transactions Act Still Unimplemented
Major parts of the 2003 Fair And Accurate Credit Transactions Act (FACTA) still haven't been put into practice, says Chi Chi Wu, staff attorney at the National Consumer Law Center, in an LATimes article. Here's some of the things that are missing:
• Consumers not being warned if it looks like they might be identity theft victims.
• No rules issued to regulate how providers of consumer credit information have to react when a consumer disputes
• No rules issued for allowing consumers to dispute inaccuracies with the creditor instead of the credit reporting company (which would be nice, seeing as the creditor actually has an incentive to keep you as a customer whereas you are not a customer of the credit reporting agency)
• Debt collectors still "reviving long-dormant information" and adding it to your credit report
One thing FACTA did do is let consumers get one free credit report from each of the three credit reporting agencies once every twelve months, which you can do through annualcreditreport.com. — BEN POPKEN
Law little help in fixing credit data [LATimes]
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Comments:
I just like the name: Chi Chi Wu
"Consumers not being warned if it looks like they might be identity theft victims."
(Un)fortunately, this is not the case. I recently relocated to New Orleans from Kansas City. I purchased a car the day before moving, putting most of my down payment on a zero percent credit card, and financing the rest of my move with another. When I arrived in New Orleans, submitted my change of address form, and found that I was unable to open a bank account or get a cell phone, since a fraud flag had been placed on my credit report.
I assume my move was the reason for the flag, but haven't seen my credit report yet.
On a somewhat more embittered personal note, the company to which I was contracted out asked for my SSN, and when I told them of the fraud flag, and offered to give them a substitute number, (the same number I gave my utility company) they accepted, then decided a few months later that I was falsifying documentation and fired me....not that I'm bitter.
Consumers not being warned if it looks like they might be identity theft victims.
Eh...
Debt collectors still "reviving long-dormant information" and adding it to your credit report
WHAT THE FUCK?!
Well, they could always warn everyone that they "may be a victim of identity theft." On a recording, when you call the company, before you talk to people... oh, wait, they already do that in an attempt to get you to buy their fucking 'insurance.'
I didn't know about annualcreditreport.com...this is why I come to this website! Thanks a lot for the information!