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FTC RIN: 3084-AA94 Publication ID: 2012 
Title: Fair and Accurate Credit Transactions Act of 2003 
Abstract: The Fair and Accurate Credit Transactions Act of 2003 (the FACT Act or FACTA or the Act), which amended the Fair Credit Reporting Act, was enacted on December 4, 2003. The Act required that the Commission undertake a number of rulemakings and studies, which have primarily been completed. Many of these responsibilities were transferred on July 21, 2011, to the newly created Consumer Financial Protection Bureau (CFPB) within the Board of Governors of the Federal Reserve System (the Federal Reserve) under the recent Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203. IDENTITY THEFT Red Flags FACTA required the Commission to jointly promulgate with the banking agencies and the NCUA identity theft "red flag" guidelines and rules to implement these guidelines (the "ID theft red flag rule") and an address change rule (the "address change rule"). The ID theft red flag rule would, among other things, require card issuers to investigate requests for card changes. The address change rule would require credit report users to investigate when the address on a credit report differs from the address on a credit application. The agencies jointly published proposed rules on July 18, 2006. 71 FR 40786. The comment period closed on September 18, 2006. The agencies reviewed the comments and issued a final rule on November 9, 2007. 72 FR 63718. The rule became effective on November 1, 2008. At the request of members of Congress, the Commission delayed enforcement of the Red Flags portion of the rule until January 1, 2011, for entities subject to enforcement by the Commission. On December 18, 2010, Congress enacted the Red Flag Program Clarification Act of 2010, Public Law No. 111-319, which limited the scope of entities required to comply with the Red Flags Rule. Dodd-Frank requires the Securities and Exchange Commission and the Commodity Futures Trading Commission to promulgate "red flag rules." The Commission and the other agencies expect to issue revised rules by the end of 2012 to implement this legislation. 
Agency: Federal Trade Commission(FTC)  Priority: Other Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 16 CFR 602 and 604    16 CFR 641 and 642    16 CFR 660    16 CFR 680 to 682    16 CFR 698   
Legal Authority: PL 108-159, 117 Stat 1952    PL 11-24, 123 Stat 1734   
Legal Deadline:
Action Source Description Date
Final  Statutory  Rules for Advertising Disclosures in Marketing Free Credit Reports  02/22/2010 
Final  Statutory  Transfer of Certain Rulemaking Authorities to CFPB  07/21/2011 
Final  Statutory  Rules Specifying Effective Dates of FACTA Provisions Where Statute Does Not Specify Dates  02/11/2004 
Final  Statutory  Rules Prohibiting Consumer Reporting Agencies From Circumventing FACTA Provisions  03/03/2004 
Final  Statutory  Rules Concerning Free Consumer Credit Reports  06/03/2004 
Final  Statutory  Rules Allowing Consumers To Opt Out of Marketing by Affiliates  09/04/2004 
Final  Statutory  Effective Date for FACTA Provisions Affecting FCRA and State Laws  12/31/2003 
Timetable:
Action Date FR Cite
Joint Interim Final Rules (Effective Date FACT Act Provisions)  12/24/2003  68 FR 74467   
NPRM (Effective Date FACT Act Provisions)  12/24/2003  68 FR 74529   
Joint Final Rules (Effective Date FACT Act Provisions)  02/11/2004  69 FR 6526   
Interim Final Rule/Request for Comments (Prohibition Against Circumvention)  02/24/2004  69 FR 8532   
NPRM/Request for Comments (Free Annual Credit File Disclosures)  03/19/2004  69 FR 13192   
Final Rule (Free Annual Credit File Disclosures)  06/24/2004  69 FR 35468   
NPRM - Request for Comments (Affiliate Marketing)  06/15/2004  69 FR 33324   
Comment Period Extended (Affiliate Marketing)  07/21/2004  69 FR 43546   
Final Rule (Prescreen Opt Out Disclosure)  01/31/2005  70 FR 5022   
NPRM (Prescreen Opt Out Disclosure)  10/28/2004  69 FR 58861   
NPRM - Request for Comments (Disposal of Consumer Report Information)  04/20/2004  69 FR 21388   
Final Rule (Disposal of Consumer Report Information)  11/24/2004  69 FR 68690   
Effective Date for Disposal Rule  05/01/2005    
ANPRM (Credit Score Fees)  11/08/2004  69 FR 64698   
Comment Period Ended (Credit Score Fees)  01/05/2005    
Proposed Summaries and Notices (Model Disclosures for Identity Theft Rights)  07/16/2004  69 FR 42616   
Final Action (Model Disclosures for Identity Theft Rights)  11/30/2004  69 FR 69776   
Effective Date (Model Disclosures for Identity Theft Rights)  01/31/2005    
Notice of Publication (Guidance for Identity Theft Victims)  04/27/2005  70 FR 21792   
NPRM (Identity Theft Definitions Rule)  04/28/2004  69 FR 23370   
Final Rule (Identity Theft Definitions Rule)  11/03/2004  69 FR 63922   
Effective Date (Identity Theft Definitions Rule)  12/01/2004    
Final Rule (Miscellaneous Technical Amendments)  05/20/2004  69 FR 29061   
ANPRM (Furnisher Accuracy and Dispute Rules)  03/22/2006  71 FR 14419   
ANPRM Comment Period End (Furnisher Rules)  05/22/2006    
NPRM (Identity Theft Red Flags and Address Changes Rules)  07/18/2006  71 FR 40786   
NPRM Comment Period End (Red Flags and Address Changes Rules)  09/18/2006    
Final Rule (Affiliate Marketing)  10/30/2007  72 FR 61424   
Final Rule (Red Flags and Address Changes)  11/09/2007  72 FR 63718   
Technical Changes (Red Flags and Address Changes)  05/14/2009  74 FR 22639   
NPRM (Furnisher Rules)  12/13/2007  72 FR 70944   
NPRM (Risk Based Pricing Rule)  05/19/2008  73 FR 28966   
Final Rule (Furnisher Rules)  07/01/2009  74 FR 31484   
ANPRM (Furnisher Rule)  07/01/2009  74 FR 31529   
ANPRM Comment Period End (Furnisher Rule)  08/31/2009    
NPRM (Free Annual Credit File Disclosure; Deceptive Marketing)  10/15/2009  74 FR 52915   
NPRM Comment Period End (Free Annual Credit File Disclosure; Deceptive Marketing)  11/30/2009    
NPRM Comment Period Extended (Free Annual Credit File Disclosure; Deceptive Marketiing)  11/27/2009  74 FR 62260   
Final Rule (Risk Based Pricing)  01/15/2010  75 FR 2724   
Final Rule (Free Annual Credit File Disclosure; Deceptive Marketing)  03/03/2010  75 FR 9726   
Effective Date (Free Annual Credit File Disclosure; Deceptive Marketing)  04/02/2010    
NPRM (FCRA Model Notices)  08/27/2010  75 FR 52655   
NPRM (Risk Based Pricing)  03/15/2011  76 FR 13902   
Final Rule (Risk Based Pricing)  07/15/2011  76 FR 41602   
Interim Final Rule (Red Flags)  12/00/2012 
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: Federal, Local, State, Tribal 
Small Entities Affected: Businesses  Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Steven Toporoff
Attorney
Federal Trade Commission
Division of Marketing Practices, Bureau of Consumer Protection, 600 Pennsylvania Avenue NW.,
Washington, DC 20580
Phone:202 326-3135
Email: stoporoff@ftc.gov