• When changes to the FCRA take effect
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When changes to the FCRA take effect

Dear Max,
When will Experian be instituting the provisions of the Fair and Accurate Credit Transactions (FACT) Act of 2003? In other words, when can I begin to request my free yearly credit report?
- NNK

Dear NNK,
While the FACT Act, in general, went into effect on Jan. 1, 2004, certain sections have delayed implementation dates. The later dates allow regulations to be developed and operating systems put in place to comply with the new law.

For example, the FACT Act requires the Federal Trade Commission (FTC) to establish rules and guidelines for Experian and the other national credit reporting agencies to provide a complimentary report. It also requires that the FTC define a system enabling consumers to call a single number to obtain a complimentary report from each of the three agencies.

The new law allows the FTC six months to establish the rules and guidelines and the specifications for the one-call system.

Only after the FTC completes its work can the credit reporting agencies begin implementing the one-call system and the other requirements. The agencies have six months to implement the systems necessary to comply with the FTC regulations.

As a result, it might be as long as 12 months before Experian is able to provide complimentary annual credit reports as required by the Fair and Accurate Credit Transactions Act (FACT) which amended the Fair Credit Reporting Act.

Thanks for asking.

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