The FACT Act
The Fair Credit Reporting Act (Regulation V), known as the Fair and Accurate Credit Transactions (FACT) Act, Section 217 has been amended and became effective December 1, 2004.
We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report.
This amendment to section 217 of the Fair Credit Reporting Act is designed to aid in the fight against identity theft, increase the accuracy of consumer reports and limit the type and amount of marketing solicitation that you receive.
You are encouraged to periodically review your Credit Report for accuracy. You are entitled to receive a free copy of your credit report annually from www.annualcreditreport.com. Beware of imitators - www.annualcreditreport.com is the only site authorized by Federal Law to provide a free copy of your credit report every 12 months.
Many other services exist to provide you access to your credit report for free, though most charge a fee to access your score. You are also entitled to a free copy of your report any time you receive an adverse action notice from a creditor.