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United States · Law · HR

H.R. 2622 (108th)

Fair and Accurate Credit Transactions Act of 2003

enactedUnited States· United States Congress· EN

Introduced

26 June 2003

Last action

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Status

Became Public Law No: 108-159.

Sponsors

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Subjects

Discovery layer

Source updated

7 April 2025

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Summary

Fair and Accurate Credit Transactions Act of 2003 - Amends the Fair Credit Reporting Act (FCRA) to extend Federal preemption to State law enacted after January 1, 2004, that declares explicitly that it is intended to supplement the FCRA and grant greater protection to consumers than is provided under Federal law. (Thus repeals the protection from Federal preemption granted to more stringent State consumer protection laws). Sets forth measures to address identity theft prevention, including: (1) credit card issuer responsibility to investigate cardholder change of address; and (2) truncation of credit and debit card account numbers. Places an affirmative duty upon a consumer reporting agency to: (1) make notification of fraud alert; (2) provide a summary of rights to identity theft victims; and (3) block information resulting from identity theft. Directs the Federal banking agencies to establish procedures for depository institutions to identify possible instances of identity theft. Instructs the Federal Trade Commission to prescribe rules for coordination of consumer complaint investigations. Requires a consumer reporting agency to take specified actions to reconcile discrepancies pertaining to a consumer address. Prohibits furnishing information to a consumer reporting agency that is known to include identity theft activity. Repeals limitations attached to mandatory free annual credit report disclosures that are furnished upon consumer request. Requires a consumer reporting agency, when fulfilling a consumer request for all information in the consumer's file, to include a summary of how any individual consumer credit score was derived and how it might be improved. Excludes from FCRA consumer disclosure requirements certain communications pertaining to employee misconduct investigations.

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Documents

20 official files

Enrolled Bill (text)

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