Today's the day when many of the provisions of the Fair and Accurate Credit Transactions Act (FACTA) were to take effect. Beginning on this date, consumers in 13 western states (Alaska, Arizona, California, Colorado, Hawaii, Idaho, Montana, Nevada, New Mexico, Oregon, Utah, Washington, and Wyoming) may request free annual credit reports. What else takes effect today? This briefing focuses on the FACTA requirements and provides an update on the status. |
Your lenders need to make new disclosures under Section 212 of the FACT Act. You need to make it easy and fast for them, to get their buy-in. This is why Paul Hallquist of Beacon Bank, Shorewood, MN has created a Notice to Home Loan Applicant and Credit Score Disclosure form. To ease the learning curve, he has a companion instruction sheet. Instead of the lender having to stop, pull out the credit bureau code sheet, type it all in, and finish the disclosure, they can quickly complete the Word document using built-in form features. This tool may just make complying with this new requirement easier and that is good news for everyone.
December may mark the official start of winter and "The Holiday Season." But if the "buzz" in the FACTA/FCRA Forum in Bankers' Threads is a reflection of bankers' moods this season, there's at least as much "Bah, Humbug!" as there is wide-eyed anticipation out there as bankers await this early-in-the-season "gift." Rip the paper off and read what all the "FACTA buzz" is about.
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FACTA Effective Dates
Thanks to just-released guidance, we now know what takes effective December 1 under FACTA -- and what doesn't. Find out how the guidance was procured and exactly what the end result is in our article, "Effective Dates of FACTA Provisions."
Free Credit Reports
Who can get a free annual credit report beginning today, and how do they do it? Find out, and get the link to the FTC's latest consumer publication in this article on "Free Credit Reports."
See what the Gurus have to say on FACTA-related issues, and brush up on some FCRA basics at the same
time in this FACT/FCRA Guru Q&A Compilation.
FACTA Q and A
If there's one thing we know you want about FACTA, it's answers! BOL Guru David Dickinson has assembled a list of 38 questions and answers on the Act and how it will affect your application processes. We've reproduced the Q&A on an html page to make it handy.
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Purchase ALL 3 FACTA
Training CD-ROMs and SAVE!!!!
PART 1: Implementing the Identity Theft Provisions of the FACT Act
PART 2: New Notices and Responsibilities Under the FACT Act
PART 3: Implementing the Identity Theft Provisions of the FACT Act
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ComplianceAction includes articles about new developments in compliance laws, regulations, and interpretations. But we do more than describe the change, we tell you what to do about it with ActionSteps -- things to check on or change, or a new process to start.
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