Comments on FACTA Disposal Rule, RIN 3064-AC77: Fair and Accurate Credit Transaction Act Disposal of Consumer Report Information and Records

Irresponsible handling of sensitive consumer data has long been cited as a contributing factor to identity theft. A practice known as "dumpster diving" is often claimed by thieves themselves as the source of the data that allowed them to commit the crime. Sensitive data discarded by a financial institution provides a prime opportunity for a crook to access another's personal data.

By enacting §216 requiring proper disposal of consumer information, Congress has given the public one of the strongest tools yet in combating the growing crime of identity theft. It is now up to the financial regulators and the FTC to carry out Congress' intent by adopting strong regulations to ensure identity theft is no longer fed by careless and irresponsible disposal of confidential consumer data.

Consumers in Midwest States Can Get Free Credit Reports Starting March 1, 2005

A new federal law, known as the Fair and Accurate Credit Transactions Act, or FACTA, adopted by Congress in 2003 gives consumers nationwide the right to receive a free copy of their credit report. The law is being phased in through the U.S. and Midwest states are next on the rollout list. The ability for consumers to get a free copy of their credit report annually started on the West Coast on December 1, 2004, and individuals living in the Midwest can start receiving their reports on March 1, 2005.

Identity Theft Red Flags and Address Discrepancies under the Fair and Accurate Credit Transactions Act of 2003

The detection of red flags and the need to reconcile address discrepancies are among the most important anti-identity theft measures included in FACTA. Effective business policies and practices that spot attempted and actual identity theft early have great potential for relieving this national crime wave. This was the promise and Congress’ intent when it directed the Agencies to adopt Red Flag Regulations along with procedures to reconcile address discrepancies in credit reports.

Consumers Can Get Free “Specialty” Consumer Reports Starting December 1, 2004

SAN DIEGO, CA – The arrival of free credit reports on December 1st is getting a lot of attention these days. (www.ftc.gov/bcp/conline/pubs/credit/freereports.htm) But there is another kind of report, called “specialty consumer reports,” that individuals can obtain at no charge beginning on the first of the month. The federal law that requires credit reporting bureaus to provide free reports is the Fair and Accurate Credit Transactions Act, also known as FACTA. The law also gives consumers the right to one free report prepared by a “nationwide specialty consumer reporting agency” that compiles files on consumers.

Comments Regarding the Use of Personal Medical Data by Financial Institutions

The proposed rule generally prohibits a creditor from obtaining and using medical information for making decisions about a consumer's credit eligibility. The rule then makes an exception that allows creditors to obtain and use financial information that happens to be related to medical debts, expenses and income.

California Identity Theft Laws

Read about the laws that apply to victims of identity theft in California.

Consumers in West Coast States Can Get Free Credit Reports Starting December 1, 2004

Beginning December 1, 2004, consumers living in the western U.S. will have the right to order a free copy of their credit report thanks to a new federal law, known as the Fair and Accurate Credit Transactions Act, or FACTA, adopted by Congress in 2003. Consumers elsewhere in the nation will get the same right over the next year as the law is phased in across the country. By requiring credit reporting bureaus to provide free credit reports annually upon request, the new law enables consumers to more readily monitor if they are victims of identity theft or if their credit reports contain errors.

Comments to FTC on National Credit Reporting Agencies and Free Reports: Credit Reports Most People Have Never Heard Of

We urge the Commission to study national consumer reporting agencies sooner rather than later and to issue regulations giving consumers' access to free reports. In our 12-year history we have received many complaints from individuals who have been harmed or otherwise disadvantaged because of erroneous or inappropriate information in such consumer reports.

Consumer Notice Requirements for Opting Out of Pre-Approved Offers of Credit

For years, consumers have received preapproved credit offers with required notices and opt-out telephone numbers buried in fine print along with other mandatory legal notices. We support the Commission’s proposal to provide a layered notice. The proposal calls for a “short notice” on the principal promotional document. The short notice includes the most important information, including opt-out telephone number, with direction to a “long notice” located elsewhere in the solicitation.

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