The Fair and Accurate Credit Transactions Act (FACT Act) now requires the nationwide consumer reporting companies to provide, upon request, a free credit report to consumers. A report is available every twelve months. Congress hopes this will reduce the number of identity theft cases.

Another provision provided is the National Fraud Alert System. This is to be used by individuals who have a reasonable certainty they are a victim of identity theft. The expectation of the alert system is to put potential creditors on notice to proceed with caution.

Summary

• Credit reporting agencies will stop reporting allegedly fraudulent account information.
• Providing copies of business records or fraudulent accounts and transactions associated with them.
• Individuals will have the ability to report accounts affected by identity theft directly to creditors.

To obtain your free credit report, follow this link http://www.annualcreditreport.com.