BUSH SIGNS FAIR & ACCURATE CREDIT TRANSACTIONS ACT.President Bush signed the Fair and Accurate Credit Transactions Act Under the Fair and Accurate Credit Transactions Act of 2003 (FACT Act or FACTA, Pub.L. 108-159) which was passed by the United States Congress on December 4 2003 as an amendment to the Fair Credit Reporting Act, consumers can request and obtain a free credit report of 2003 into law Dec. 4. Bush said the legislation is an important tool for expanding access to credit and other financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , improving the accuracy of consumers' financial information and fighting identity theft. The new law will go into effect Jan. 1, 2004, the date the current law expires and the date California's tougher financial privacy provision was to go into effect. That statute statute, in law, a formal, written enactment by the authorized powers of a state. The term is usually not applied to a written constitution but is restricted to the enactments of a legislature. now will be preempted by the new law. The new law allows insurers to continue sharing personal financial information with affiliates and to prohibit pro·hib·it tr.v. pro·hib·it·ed, pro·hib·it·ing, pro·hib·its 1. To forbid by authority: Smoking is prohibited in most theaters. See Synonyms at forbid. 2. states from passing their own tougher financial privacy laws. The law also directs the Federal Trade Commission, in consultation with the Office of Fair Housing and Equal Opportunity of the Department of Housing and Urban Development, to study the use and effects of credit scores and credit-based information on availability and affordability of financial products. |
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