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PUBLIC LAW 108–159—DEC. 4, 2003
FAIR AND ACCURATE CREDIT TRANSACTIONS ACT OF 2003
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117 STAT. 1952PUBLIC LAW 108–159—DEC. 4, 2003
Public Law 108–159108th Congress An Act
To amend the Fair Credit Reporting Act, to prevent identity theft, improve resolutionof consumer disputes, improve the accuracy of consumer records, make improve-ments in the use of, and consumer access to, credit information, and for otherpurposes.
 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled
,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) S
HORT
T
ITLE
.—This Act may be cited as the ‘‘Fair and Accurate Credit Transactions Act of 2003’’.(b) T
 ABLE OF
C
ONTENTS
.—The table of contents for this Actis as follows:
Sec.1.Short title; table of contents.Sec.2.Definitions.Sec.3.Effective dates.TITLE I—IDENTITY THEFT PREVENTION AND CREDIT HISTORYRESTORATIONSubtitle A—Identity Theft PreventionSec.111.Amendment to definitions.Sec.112.Fraud alerts and active duty alerts.Sec.113.Truncation of credit card and debit card account numbers.Sec.114.Establishment of procedures for the identification of possible instances of identity theft.Sec.115.Authority to truncate social security numbers.Subtitle B—Protection and Restoration of Identity Theft Victim Credit HistorySec.151.Summary of rights of identity theft victims.Sec.152.Blocking of information resulting from identity theft.Sec.153.Coordination of identity theft complaint investigations.Sec.154.Prevention of repollution of consumer reports.Sec.155.Notice by debt collectors with respect to fraudulent information.Sec.156.Statute of limitations.Sec.157.Study on the use of technology to combat identity theft.TITLE II—IMPROVEMENTS IN USE OF AND CONSUMER ACCESS TO CREDITINFORMATIONSec.211.Free consumer reports.Sec.212.Disclosure of credit scores.Sec.213.Enhanced disclosure of the means available to opt out of prescreenedlists.Sec.214.Affiliate sharing.Sec.215.Study of effects of credit scores and credit-based insurance scores onavailability and affordability of financial products.Sec.216.Disposal of consumer report information and records.Sec.217.Requirement to disclose communications to a consumer reporting agency.TITLE III—ENHANCING THE ACCURACY OF CONSUMER REPORTINFORMATIONSec.311.Risk-based pricing notice.
15 USC 1601note.Fair and Accurate CreditTransactions Actof 2003.Dec. 4, 2003[H.R. 2622]
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117 STAT. 1953PUBLIC LAW 108–159—DEC. 4, 2003
Sec.312.Procedures to enhance the accuracy and integrity of information fur-nished to consumer reporting agencies.Sec.313.FTC and consumer reporting agency action concerning complaints.Sec.314.Improved disclosure of the results of reinvestigation.Sec.315.Reconciling addresses.Sec.316.Notice of dispute through reseller.Sec.317.Reasonable reinvestigation required.Sec.318.FTC study of issues relating to the Fair Credit Reporting Act.Sec.319.FTC study of the accuracy of consumer reports.TITLE IV—LIMITING THE USE AND SHARING OF MEDICAL INFORMATIONIN THE FINANCIAL SYSTEMSec.411.Protection of medical information in the financial system.Sec.412.Confidentiality of medical contact information in consumer reports.TITLE V—FINANCIAL LITERACY AND EDUCATION IMPROVEMENTSec.511.Short title.Sec.512.Definitions.Sec.513.Establishment of Financial Literacy and Education Commission.Sec.514.Duties of the Commission.Sec.515.Powers of the Commission.Sec.516.Commission personnel matters.Sec.517.Studies by the Comptroller General.Sec.518.The national public service multimedia campaign to enhance the state of financial literacy.Sec.519.Authorization of appropriations.TITLE VI—PROTECTING EMPLOYEE MISCONDUCT INVESTIGATIONSSec.611.Certain employee investigation communications excluded from definitionof consumer report.TITLE VII—RELATION TO STATE LAWSSec.711.Relation to State laws.TITLE VIII—MISCELLANEOUSSec.811.Clerical amendments.
SEC. 2. DEFINITIONS.
 As used in this Act—(1) the term ‘‘Board’’ means the Board of Governors of the Federal Reserve System;(2) the term ‘‘Commission’’, other than as used in title V, means the Federal Trade Commission;(3) the terms ‘‘consumer’’, ‘‘consumer report’’, ‘‘consumerreporting agency’’, ‘‘creditor’’, ‘‘Federal banking agencies’’, and‘‘financial institution’’ have the same meanings as in section603 of the Fair Credit Reporting Act, as amended by this Act; and(4) the term ‘‘affiliates’’ means persons that are relatedby common ownership or affiliated by corporate control.
SEC. 3. EFFECTIVE DATES.
Except as otherwise specifically provided in this Act and theamendments made by this Act—(1) before the end of the 2-month period beginning onthe date of enactment of this Act, the Board and the Commis-sion shall jointly prescribe regulations in final form establishingeffective dates for each provision of this Act; and(2) the regulations prescribed under paragraph (1) shallestablish effective dates that are as early as possible, whileallowing a reasonable time for the implementation of the provi-sions of this Act, but in no case shall any such effective datebe later than 10 months after the date of issuance of suchregulations in final form.
Regulations.15 USC 1681note.15 USC 1681note.
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