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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