Identity theft can be devastating. It can ruin your credit, your reputation, and even your life. There is a new law to help consumers fight identity theft. The Fair and Accurate Credit Transactions Act (Fact Act) gives consumers more protection under the Fair Credit Reporting Act (FCRA).

Why It Matters: The Fact Act amends the FCRA to provide further protection to consumers. As a consumer, you should be aware of what the law is regarding your credit, and what is out there to protect you from identity theft.

What You Need to Know: Here is a basic rundown what the new law provides:

• Uniform credit standards. Temporary standards, which set clear rules on what information a credit agency could report in your credit history, were established by Congress in 1996. The Fact Act makes these standards permanent.
  
• Safeguarding receipts. Retailers now have to hide all but the last five digits of your debit or credit card number on customer receipts. Starting Jan. 1, 2005, all new cash registers or other point-of-sale machines must comply with the law. By Dec. 4, 2006, all older cash registers which print your entire account number must be phased out.
  
• Opting out. You now have the right to "opt-out" and block any offers or solicitations from affiliates of companies you do business with. Most companies have their "opt-out" information available in normal communications.
  
• Disclosing bad credit information. Banks have to tell you if they report negative information about you to a credit bureau. You also have to be told if your terms of credit are different than those who have better credit than you.
  
• Reporting false credit information. No creditor or debt collector can report information that is known to be false in your credit report. If a debt collector finds any false information in your credit report, they must inform the creditor about it.
  
• Empowering victims of identity theft. If you are a victim of identity theft and file a police report, you are able to block false information from being included in your credit report. You can also obtain business records from companies that list an identity thief's fraudulent transactions.
  
• Better fraud alerts. Fraud alerts appear in your credit report. With the Fact Act, fraud alerts carry more weight. One a credit bureau receives a fraud alert, it has to attempt to ensure that only you, and not the identity thief, receives credit in your name.
  
• Special alerts for military personnel. Americans serving in the military are able to place special alerts in their credit reports while they are in active duty overseas.

Steps to Take:

1. Learn how you can protect yourself against identity theft. Visit the Federal Trade Commission's Web site at http://www.ftc.gov/ to learn what to do if you are a victim of identity theft.
   
2. Visit http://www.factact.us/ for more information on the Fact Act.
   
3. Verify the information on your credit report once a year. Watch for accounts or information which may be fraudulent.

Select a link from the list below to begin learning more about your credit.

Get a FREE Copy of Your Credit Report
It’s Never Too Late to Repair Your Credit
Inside Your Credit Report
What’s In Your FICO Score
What Is Good Credit
Establishing Good Credit
How to Improve Your FICO Score
Using Credit Cards Wisely
30 Reasons Your Credit Score Is Low
Repairing Your Own Credit
Judgment Strategies
Facts About Credit Inquiries
Your Rights Regarding Debt Collection
Divorce and Credit
Coming Back After Bankruptcy
Charge-Off Debt & the Seven Year Rule
Top Ten Do's and Don'ts During the Loan Process
Identity Theft and the FACT Act
CRC – What You Can Expect