FACT Act Alerts Coming Soon to Freddie Mac's Loan Prospector
|October 21, 2004|
FTC "Curbing Identify Theft" Web Site|
Effective December 1, 2004, consumers have the option, because of the Fair and Accurate Credit Transaction (FACT) Act, to place fraud alerts on their credit files at the three national credit repositories – Equifax, Trans Union and Experian in the event they determine their credit information has may have been obtained or used by any unauthorized person. Consumers may place the following alerts on their credit files per the FACT Act:
Initial Alert – 90-day “temporary” alert message when fraud/identity theft is suspected.
Extended Alert – 7-year alert message when a consumer can provide substantial evidence that they are a victim of identity theft.
Active Duty Alert – 12-month alert to indicate a consumer is on active military duty.
Address Discrepancy Message – This message will notify a credit report requestor if there is a substantial discrepancy between the address on inquiry input and the address on the credit report.
Inquiry Factor Message – This message will inform the requestor of the credit report if the consumer’s credit score has been adversely impacted by the number of inquires contained in the consumer's credit file.
Source: Freddie Mac