Consumer Credit Reporting Act

In the early 1970s, consumer advocates won a major victory with the introduction of a consumer credit reporting act. This was further enhanced in 2003 with the Fair and Accurate Credit Transaction Act (FACTA). This provides additional protection for consumers against the rising problem of identity theft. Thanks to this act, consumers can get a free copy of their credit report annually, as well as anytime they suspect they are the victim of fraud. In addition, when fraud is suspected, the consumer has a right to request a copy of the original credit application submitted. In order to request this type of information, the request must be in writing and you need to include all pertinent information related to the potential crime.