FACT Act Notice for Credit Score
Question: Where can I get a copy of the FACT Act notice to tell customers about their credit score? I can't find any regulations on this.
Answer: You can't find the regulations because there aren't any. This is one of the non-regulatory provisions of the FACT Act and FCRA. Non-regulatory essentially means that no agency is authorized to issue regulations implementing the provision. Instead, the statutory provision is considered self-implementing.
Now, as for the copy of the notice, there is an excellent source. The notice is contained in the act itself. All you have to do is lift the language right out of the FACT Act and you have your notice.
Copyright © 2005 Compliance Action. Originally appeared in Compliance Action, Vol. 9, No. 3, 3/05
|
Print Friendly!
Email This Article!
Discuss NOW!