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ARTICLE · 09 JUNE 2004

FTC Issues Final Rule on Free Annual Credit Reports for Consumers

Goodwin Procter LLP
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The FTC issued its final rule regarding free annual credit reports under the Fair and Accurate Credit Transactions Act ("FACTA") and the Fair Credit Reporting Act ("FCRA"). FACTA, which was enacted on December 4, 2003, amends the FCRA to require, among other things, that the three nationwide consumer reporting agencies —Equifax, Experian, and Trans Union (the "CRAs")—provide to consumers, upon request, a free copy of their credit report once every 12 months.

United StatesFinance and Banking

Financial Services Alert - Developments of Note

The FTC issued its final rule regarding free annual credit reports under the Fair and Accurate Credit Transactions Act ("FACTA") and the Fair Credit Reporting Act ("FCRA"). FACTA, which was enacted on December 4, 2003, amends the FCRA to require, among other things, that the three nationwide consumer reporting agencies —Equifax, Experian, and Trans Union (the "CRAs")—provide to consumers, upon request, a free copy of their credit report once every 12 months. The final rule requires the CRAs to establish a "centralized source" for accepting consumer requests for free credit reports (the "Centralized Source"). The Centralized Source must include a dedicated Internet web site, a toll-free telephone number, and a postal address.

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