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Dreher Tomkies LLP
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2750 Huntington Center
41 South High Street
Columbus, Ohio 43215
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FTC ISSUES FINAL SUMMARIES AND NOTICES UNDER FACTA

The Federal Trade Commission has issued final versions of several documents required by the Fair Credit Reporting Act (FCRA) and the Fair and Accurate Credit Transactions Act of 2003 (FACTA), including: (i) summaries of the rights under the FCRA of (a) identity theft victims and (b) consumers in general and (ii) notices of the duties under the FCRA of (a) persons that furnish information to consumer reporting agencies and (b) users of information obtained from consumer reporting agencies. Consumer reporting agencies are required to provide the summaries to consumers and the notices to persons furnishing and/or using consumer credit report information under certain circumstances.

The identity theft rights summary includes the new identity theft rights granted to consumers by FACTA, including the right to (i) place fraud alerts on their credit reports, (ii) block reporting of information related to identity theft and (iii) obtain information from businesses regarding transactions that result from identity theft. The general consumer rights summary, which updates the current summary, includes, among other things, consumers’ rights to (i) see their credit files and know when they have been used against them, (ii) correct inaccuracies and (iii) opt out of unsolicited offers. The general summary also notes that active duty military personnel have additional rights under the FCRA and FACTA. The furnisher and user notices explain to businesses their duties under the FCRA.

The summaries and notices will be effective 60 days after publication in the Federal Register, which is expected shortly.
􀂗 Elizabeth Anstaett