Would someone post all the sections of the FACT act that are applicable by December 1, 2004 and what you are doing about them? I am trying to get mine together for the compliance committee and am having a hard time deciding what exactly has to be done. Thanks

I'll tell you what I'm doing.

1) the negative notice..it's been required since October.

2) Notice to Home Loan Applicant and Credit Score disclosure will be available for all applications taken 12-1-04 or later.

All other applicable sections are flagged and waiting futher guidance or are procedural in nature.

There have been prior threads on this topic that go into detail. There are several other sections (112, 151, 154) that are/will be in effect December 1. I would reference the ABA's FACT Act chart for more details.

It is a member's only document. So, once you log in, go to issues/comment letters, FCRA, FA Status Chart.