Protecting Your Credit- The FACT Act in Layman's Terms
By Amy L. Cooper Arnold, CardRatings.com Credit/Debt Management Reporter


Do you know all the implications of identity theft? Do you know that an imposter can open lines of credit, drain your bank account, file for bankruptcy, get an ID card, get a job, and even be arrested all in your name? All the missed payments an imposter doesn’t make are reported in your credit file causing your credit score to suffer.

And according to Liz Pulliam Weston, author of Your Credit Score and MSN Money personal finance columnist, a poor credit history affects your whole financial life. It’s not only creditors who have access to your report, but also insurance agencies and potential employers.

So if you are victimized by identity theft, not only may you not be able to open new accounts and qualify for low interest rate loans, but you may pay more for insurance, and you just might not be able to get a job. Top it all off with a warrant for your arrest when the imposter fails to show up for their court date and you have a scenario that doesn’t sound like any fun at all!

Your credit report and score are among the most valuable life tools you have. With an error free report you can live in freedom from the terror of identity theft; and with a high credit score you have a powerful foot in the door for negotiating low rate loans, lower insurance rates, and job opportunities. With so much at stake, it seems only natural that you, the consumer, should have an open door for maintaining these financial tools at the highest level of accuracy. It seems so simple, and the fact of the matter is that with the Fair and Accurate Credit Transactions Act (FACTA) of 2003, it’s getting simpler.

Free Annual Credit Report

One of the most significant provisions of FACTA, according to Weston, is the right to a yearly free credit report. Experts have recommended for years that consumers get their credit report annually to check for errors because through your credit report you will get the first indications of identity theft. But until recently, the three largest credit reporting agencies have charged a fee for a report.

Now that it’s available for free, consider setting a yearly date—perhaps tax day, the first day of winter, or even your birthday—to easily and cheaply follow the experts’ advice and in the process prevent the headache of recovering from identity theft. Some experts also suggest that you get one of your three free reports every four months (each credit reporting agency issues a unique report). This strategy allows you to stagger your reports throughout the year and is a further safeguard against id theft.

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To be told if information in your file is used against you.

To know what is in your

To ask for a credit score

To give or not to give your consent for your report to be shared with employers

To dispute incomplete or inaccurate information

To limit prescreened offers of credit and insurance you receive

To seek damages from violators

To have credit reporting agencies correct or delete inaccurate, incomplete, or unverifiable information

To not have outdated negative information reported

To limit access to your file to those with a valid need only

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