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FTC Unveils Fair Credit Plan

July 12, 2004

Summaries of Rights and Notices of Duties under the Fair Credit Reporting Act

The Federal Trade Commission, on Friday, issued for public comment a summary of consumer rights under the Fair Credit Reporting Act and the Fair and Accurate Credit Transactions Act of 2003.
 Related Links:
Text of the Federal Register Notice
Appendix E: Remedying the Effects of Identity Theft: Summary of Consumer Rights Under the Fair Credit Reporting Act
Appendix F: A Summary of Your Rights Under the Fair Credit Reporting Act
Appendix G: Notice to Furnishers of Information: Obligations of Furnishers Under the Fair Credit Reporting Act
Appendix H: Notice to Users of Consumer Reports: Obligations of Users Under the Fair Credit Reporting Act

The FTC also is seeking comment on revised furnisher and user notices required by the FCRA. The identity theft rights summary includes the major new identity theft rights granted to consumers by FACTA, including the right to place fraud alerts on their credit reports, to block credit bureaus from reporting information in their credit files as a result of identity theft, and to obtain information about accounts or transactions in their name that result from identity theft. The identity theft rights summary will be provided by consumer reporting agencies (CRAs) to consumers who contact the agencies because they believe they are victims of fraud or identity theft.

The general consumer rights summary includes, among other things, consumers' right to see their credit files and know when they have been used against them, to correct inaccuracies, and to opt-out of unsolicited offers. The summary also notes that, in addition to identity theft victims, active duty military personnel have additional rights under the FCRA and FACTA. This general summary of rights updates the current summary, which CRAs provide to consumers with their credit reports. The furnisher and user notices explain to businesses their duties under the FCRA. Comments must be received by August 16, 2004.



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