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The FTC announced in December 2004 that it issued
a report to Congress containing studies on credit report accuracy and completeness required by the Fair and Accurate Credit Transactions Act of 2003 (FACTA). FACTA, which was enacted in December 2003 and amends the [FCRA], required the FTC to conduct an ongoing study of the accuracy and completeness of consumer credit reports and to report on four specific topics related to credit report accuracy.
The Report to Congress Under Sections 318 and 319 of the Fair and Accurate Credit Transactions Act of 2003, Dec. 2004, is a collection of studies that
address proposals in Section 318 of FACTA and analyze the following: (1) the effects of requiring the nationwide consumer reporting agencies (CRAs) to match more points of consumers’ personal identifying information, such as a consumer’s name, Social Security number, or address, to ensure that the correct consumer is matched with the correct credit file; (2) the effects of requiring that a consumer who has been denied credit based on information in his or her credit report receive a copy of the same credit report on which the creditor based the adverse action; (3) the effects of requiring that consumers be notified when negative information has been added to their credit reports; and (4) whether there are any common financial transactions not generally reported to the CRAs that would provide useful information in determining a consumer’s credit rating. The FTC also is conducting an ongoing, 11-year study of the accuracy and completeness of consumer report information as required by Section 319 of FACTA. This report includes the first of several interim reports on the ongoing study.