Check out League InfoSight for the Latest FACT Act Checklist

The Fair and Accurate Credit Transactions Act (FACT Act) amends the Fair Credit Reporting Act in several important ways. NJCUL members may click here to access League InfoSight and a wealth of compliance information, in addition to the latest FACT Act Checklist. The FACT Act gives consumers the right to one free credit report every year from the credit reporting agencies, added new identity theft protections that allow consumers to place fraud alerts on their credit reports, and requirement of provisions to provide risk based pricing notices and credit scores to consumers in connection with denials or less favorable offers of credit. 

The Act also established a financial literacy commission and mandated a national financial literacy campaign to educate consumers on personal financial matters, including creating household budgets, managing spending more effectively, investment and wealth building, buying a home, and preparing for retirement.  To assist credit unions with compliance, the FACT Act Checklist may provide helpful information for both you and your members!

Looking for Compliance Solutions? Contact Nicola Foggie at nfoggie@njcul.org.