The Fair & Accurate Credit Transactions Act is an amendment to the FCRA that allows for consumers to obtain a free credit report from each of the three major bureaus (Experian, Equifax, and TransUnion) once every 12 months. The act also contains provisions to help reduce identity theft, such as the ability for individuals to place alerts on their credit histories if identity theft is suspected, or if deploying overseas in the military, thereby making fraudulent applications for credit more difficult. Further, it requires secure disposal of consumer information.
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