Excerpt from Term Paper:

...... In response to the growing threat of identity theft, the federal government has made sweeping changes and additions to the Fair Credit Reporting Act (FCRA). Signed into law Dececember 14, 2003, the new Fair and Accurate Credit Transactions Act of 2003 (FACTA) has added provisions to enhance the accuracy of credit reports, gives consumers more access to their credit information, and puts systems in place that will combat identity theft; however, FACTA does not replace the FRCA but supplements its provisions (Royal, 2004). For the purposes of compliance with the FACTA, identity theft report" has been defined by the FTC to include any report a consumer filed with federal, state, or local law enforcement, including the U.S. Postal Service and the FTC if filing a false report subjects them to criminal penalties; however, institutions may request additional information to verify the validity of the claim (Feddis, 2005). In sum, beginning December 1, 2004, American consumers are able to request one free credit report per year, an initiative intended to allow consumers to maintain oversight of their credit rating without having to pay a fee to a consumer reporting agency (Royal, 2004). As a result of the Act, consumers will

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