A credit report federal law was implemented in the 1970s to protect your rights as a consumer. The update provided in the Fair and Accurate Credit Transaction Act of 2003 further strengthens that original act. The one disadvantage is that it keeps states from enacting stronger legislation. The credit report law has its limits, like only providing one free credit report each year. On the other hand, it has provided many advantages and given consumers better access to information that is being used to determine if they qualify for credit.

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