FACT Act versus the Credit CARD Act
Posted on April 13th, 2010 by admin
Chances are you have heard a great deal of hype surrounding revisions to credit cards but sorting out the fact from the fiction isn’t always easy.
The FACT Act which stands for Fair and Accurate Credit Transaction Act went into effect December 4, 2004 and requires credit reports to be fair and accurate.
As you might imagine, it hasn’t worked out as well as originally expected which is one reason the current administration has now passed a replacement in the form of the Credit Card Act of 2009.
Every consumer is entitled to a free copy of their credit report each year in order to review the accuracy of the report but was forced to undergo a long set of criteria in order to correct errors.
The Credit Card Act of 2009 which actually took effect February 22, 2010 provides some relief from predatory credit card practices but at a cost likely to negatively impact those that use credit wisely.