Fair and Accurate Credit Transaction Act
On December 4, 2003, President Bush signed into law the Fair and Accurate Credit Transactions Act of 2003, ensuring that all citizens are treated fairly when they apply for a mortgage or other form of credit.
The Fair and Accurate Credit Transactions Act (FACT Act) significantly modified the Fair Credit Reporting Act. We have been in contact with all three repositories (Equifax, Trans Union and Experian) and they are aggressively planning and building infrastructure to be ready for all of the 2004 FACT Act implementation dates.
As required by law, effective June 4, 2004 a consumer reporting agency may NOT provide a consumer report containing any information about debts relating to medical services unless such information is suppressed or coded so that the name of the medical service provider or the nature of the medical service cannot be determined.
This will be the case for any type of debt the repositories can identify as medical – collections, judgments, etc. Not only will the name be suppressed; but, also any corresponding phone numbers or addresses to the creditor.
Should the lender desire any information on a suppressed medical creditor, the consumer will have to provide such information to the lender. As required by law, we will not be able to provide any information on these type creditors. If the consumer needs information about such creditor, the consumer will have to contact the repository directly for a copy of their report and disclosure. Credit reports provided by a repository directly to a consumer will not have medical information suppressed.
Furthermore, we have learned that it is possible after further evaluation that all or some of the repositories will release the information with specific and proper authorization from the consumer. No determination has been made at this time. We will let you know as soon as we receive any updates.
A consumer may reach the repositories at the following:
Equifax - 800.685.1111 or www.equifax.com
Trans Union - 800.888.4213 or www.transunion.com
Experian - 888.397.3742 or www.experian.com
For complete details on the FACT Act, click here: http://www.whitehouse.gov/news/releases/2003/12/20031204-3.html