FACTA:ID Theft,Credit Restoration and Consumer Info Accuracy

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David A. Szwak
Posts: 4126
Joined: Tue Jul 26, 2005 4:15 am

FACTA:ID Theft,Credit Restoration and Consumer Info Accuracy

Post by David A. Szwak »

[u80][b80]Identity Theft Prevention, Credit History Restoration, & Consumer Information Accuracy[/b80][/u80]

FACTA added to the FCRA significant provisions designed to prevent identity theft, control the consequences of identity theft to victims’ credit records, and help victims cleanse their credit records of identity-theft related information. In addition, FACTA added provisions to enhance the accuracy and integrity of information reported to agencies by furnishers. The FCRA, as amended, sets up a web of communication among consumers, agencies, and furnishers that if properly implemented and employed could synchronize consumer reports and purge theft-related information from agencies’ and furnishers’ files. As described in more detail below, a consumer who is the victim of identity theft can seek an extended fraud alert from a nationwide consumer reporting agency and identify for the agency fraudulent information in the consumer’s report; the agency must then notify the other nationwide agencies of the alert which will require them to also place the alert in their filed on the consumer; the initial agency must also block the fraudulent information and notify the furnisher of that information who must reinvestigate it and take steps to prevent it from being refurnished to any agency.
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Return to “FCRA Statute And Amendments: 15 U.S.C. 1681, et. seq.”