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• W142103580 abstract "The Fair and Accurate Credit Transactions Act--commonly known as the FACT Act--oftentimes appears to be less about fact and more about Act. Consumer creditors around the country have been looking over and working with the act since its passage late last year. Passed with some urgency, with the January 2004 sunset of certain federal preemption provisions looming, there was little time for refinement, let alone consistency. The result makes compliance with the statute a challenge. Further complicating compliance efforts is a unique rulemaking scheme. Under most of the statutes with which banks are familiar, a single regulator, usually the Federal Reserve Board, implements a single regulation covering the entire statute. However, the FACT Act involves numerous agencies which must promulgate regulations-but only about certain provisions. Sometimes the regulations are promulgated by a single agency for all institutions; at other times, various agencies promulgate regulations either jointly, in consultation with, or in coordination with. This scheme, naturally, has delayed some of the rulemaking, leaving the banking industry wondering about how and when to comply. The following answers to frequently asked questions are intended to add a few more facts to the FACT Act, and where not feasible, at least some suggestions. Only provisions that have gone into effect are addressed. FACT Act basics Q What are the effective dates? A It depends. Certain provisions which are not subject to specific rulemaking, went into effect before or on Dec. 1, 2004. These include the provisions related to: * Credit score disclosures * Fraud and active duty alerts * Blocking reporting of information claimed to be the result of identity theft * Prevention of re-reporting information that a consumer reporting agency has, found to be inaccurate, incomplete, or unverifiable * Consumer notification of reports of negative information Other provisions subject to specific rulemaking, however, will not be effective until after rules are adopted. Final rules will determine the effective date. In response to a request by ABA and other trade associations, on Nov. 24, 2004, the banking agencies and the Federal Trade Commission wrote that institutions do not have to comply with those FACT Act provisions which must be implemented by rulemaking until after adoption of final rules. Those provisions include those related to: risk-based pricing notices; affiliate marketing; medical information sharing; red flag guidelines and regulations; notice of opt out from prescreened solicitations; disposal of consumer report information; accuracy and integrity guidelines and regulations; ability of consumer to dispute information with furnisher); and reconciling addresses. Credit scores Q The FACT Act requires mortgage lenders to provide credit scores along with other information to mortgage loan applicants. What loans are covered? A The credit score and other information must be provided when a credit score is used for an application for a consumer loan that is secured by one to four units of residential property. This includes purchase money residential loans, mortgage refinances, home equity loans, and loans secured by vacation homes. The provision does not apply if the loan is used for a business purpose. Q Must the lender provide the credit score for all mortgage applications or only for those denied? A The credit score and other information must be provided for all applicants for whom a credit score is used, not just those denied. Q If the loan involves co-applicants or guarantors, must the lender provide the credit score to those parties as well? A The statute requires that the score be provided if the lender used a score of a consumer who initiated or sought a covered mortgage. …" @default.
• W142103580 created "2016-06-24" @default.
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• W142103580 date "2005-01-01" @default.
• W142103580 modified "2023-09-24" @default.
• W142103580 title "Fact Is, FACTA Is Fractious: One Act, Many Players, Many Regs, and Sometimes No Regs. FACTA Isn't for the Faint-Hearted in Compliance" @default.
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