FACT

Question 1

Goals of FACT

Answer 1

To address the problem of identity theft

To facilitate consumers’ access to the information retained by CRAs

To improve the accuracy of consumer reports.

Question 2

After receipt of an identity theft report, CRAs must create an extended fraud alert, maintain it in the file, and include it with any credit report generated for the consumer for a period of X years.

Answer 2

7 years

Question 3

CRAs must keep an initial fraud alert on file for x years

Answer 3

1 year

Question 4

CRAs must keep the active duty alert in the file for x years

Answer 4

1 year