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Volume 5, Issue 2, 2005   Federal Reserve Bank of Dallas

Rollout of FACTA Complete

The Fair and Accurate Credit Transactions Act (FACTA), signed into law in 2003, permanently establishes national standards relating to the type of information credit agencies can include in consumer credit reports and enhances provisions of the Fair Credit Reporting Act by giving consumers a tool for fighting identity theft. Read more »

Operation HOPE Seeks Economic Triage Volunteers for Hurricane Victims

HOPE Coalition America has activated Project Restore HOPE to assist recent hurricane victims with the short-, medium- and long-term economic and financial challenges they will face in the weeks and months ahead. Read more »

News & Events

  • An individual's credit score is not included in the annual free credit report from the three major credit bureaus (Experian, TransUnion and Equifax). Each of the three credit reporting agencies computes a credit score based on the data in their file. FACTA specifies that consumers can request a credit score including an explanation of the factors used to calculate the score. Consumers will be charged a "reasonable" fee (usually less than $10) for the credit score when ordering their free annual credit report. Read more Off-site page
  • According to the Federal Trade Commission, no one can legally remove accurate and timely negative information from a credit report. The law allows you to ask for an investigation of information in your file that you dispute as inaccurate or incomplete. There is no charge for this. Everything a credit repair clinic can do for you legally, you can do for yourself at little or no cost. Read more Off-site page
  • The federal Fair Credit Reporting Act promotes the accuracy, fairness and privacy of information in the files of consumer reporting agencies. A summary of consumers' rights under the Fair Credit Reporting Act is available online PDF document.

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