The Fair and Accurate Credit Transactions Act (FACT Act) has added an amendment requiring the nationwide consumer reporting companies to provide, upon request, a free credit report to consumers. A report is available every twelve months. Congress has made this possible in the hope of reducing the number of identity theft cases.

Another provision provided is the National Fraud Alert System. This alert system is to be used by individuals who have a reasonable certainty they are a victim of identity theft. The expectation of the alert system is to put potential creditors on notice to proceed with caution.

Other actions made possible by the Act to help consumers recover their credit standing after being victimized include:


  1. Credit reporting agencies will stop reporting allegedly fraudulent account information.
  2. Providing copies of business records or fraudulent accounts and transactions associated with them.
  3. Individuals will have the ability to report accounts affected by identity theft directly to creditors. 

Click here to obtain your free credit report.1


1 Free Annual Credit report is not a service of the bank, and is limited to one free report per year.