| FACTA Section | Summary | When it becomes effective |
Section 114
(FCRA Section 615(e)) | Red Flag Guidelines and Regulations | Not effective until date specified in to-be-issued final guidance or rule. |
Section 216
(FCRA Section 628) | Disposal of Consumer Report Information | Not effective until date specified in to-be-issued final guidance or rule. Agencies expect to issue a final rule by year-end. |
Section 312(a)
(FCRA Section 623(e)(1))
| Accuracy and Integrity Guidelines and Regulations | Not effective until date specified in to-be-issued final guidance or rule. |
Section 312(c)
(FCRA Section 623(a)(8)) | Ability of Consumer to Dispute Information with Furnisher | Not effective until date specified in to-be-issued final guidance or rule. |
Section 315
(FCRA Section 605(h)(2)) | Reconciling Addresses | Not effective until date specified in to-be-issued final guidance or rule. |
Section 311
(FCRA Section 615(h)) | Risk-Based Pricing Notice | Since the provisions in this section are enforceable only by the agencies, the agencies will establish the parameters for compliance, including the requirements for consumer notice, and will state the date for compliance. (Editor's note: So, even though the statute makes Section 311 effective 12/1/04, institutions will not have to comply until the regulators say they must.) |
Section 112
(FCRA Section 605A) | Fraud and Active Duty Alerts | Effective December 1, 2004. No rulemaking necessary. |
Section 152
(FCRA Section 605B) | Blocking of Information Resulting from Identity Theft | Effective December 1, 2004. No rulemaking necessary. |
Section 154(a)-(b)
(FCRA Sections 615(f) and 623(a)(6)) | Prevention of Repollution of Consumer Reports | Effective December 1, 2004. No rulemaking necessary. |
Section 212(c)
(FCRA Section 609(g)) | Disclosure of Credit Scores | Effective December 1, 2004. No rulemaking necessary. |
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