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117 STAT. 1952 PUBLIC LAW 108–159—DEC. 4, 2003

Dec. 4, 2003[H.R. 2622]Fair and Accurate CreditTransactions Actof 2003.15 USC 1601note.

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.

PUBLIC LAW 108–159—DEC. 4, 2003 117 STAT. 1953

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.

15 USC 1681note.

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.

15 USC 1681note.

Except as otherwise specifically provided in this Act and theamendments made by this Act—(1) before the end of the 2-month period beginning on

Regulations.

the 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.

117 STAT. 1954 PUBLIC LAW 108–159—DEC. 4, 2003

TITLE I—IDENTITY THEFT PREVENTION AND CREDIT HISTORY RESTORATIONSubtitle A—Identity Theft Prevention

SEC. 111. AMENDMENT TO DEFINITIONS.

Section 603 of the Fair Credit Reporting Act (15 U.S.C. 1681a)is amended by adding at the end the following:‘‘(q) D

EFINITIONS

R

ELATING TO

F

RAUD

A

LERTS

.—‘‘(1) A

CTIVE DUTY MILITARY CONSUMER

.—The term ‘activeduty military consumer’ means a consumer in military servicewho—‘‘(A) is on active duty (as defined in section 101(d)(1)of title 10, United States Code) or is a reservist performingduty under a call or order to active duty under a provisionof law referred to in section 101(a)(13) of title 10, UnitedStates Code; and‘‘(B) is assigned to service away from the usual dutystation of the consumer.‘‘(2) F

RAUD ALERT

;

ACTIVE DUTY ALERT

.—The terms ‘fraudalert’ and ‘active duty alert’ mean a statement in the fileof a consumer that—‘‘(A) notifies all prospective users of a consumer reportrelating to the consumer that the consumer may be a victim of fraud, including identity theft, or is an activeduty military consumer, as applicable; and‘‘(B) is presented in a manner that facilitates a clearand conspicuous view of the statement described insubparagraph (A) by any person requesting such consumerreport.‘‘(3) I

DENTITY THEFT

.—The term ‘identity theft’ means afraud committed using the identifying information of anotherperson, subject to such further definition as the Commissionmay prescribe, by regulation.‘‘(4) I

DENTITY THEFT REPORT

.—The term ‘identity theftreport’ has the meaning given that term by rule of the Commission, and means, at a minimum, a report—‘‘(A) that alleges an identity theft;‘‘(B) that is a copy of an official, valid report filedby a consumer with an appropriate Federal, State, or locallaw enforcement agency, including the United States PostalInspection Service, or such other government agencydeemed appropriate by the Commission; and‘‘(C) the filing of which subjects the person filing thereport to criminal penalties relating to the filing of falseinformation if, in fact, the information in the report isfalse.‘‘(5) N

EW CREDIT PLAN

.—The term ‘new credit plan’ meansa new account under an open end credit plan (as definedin section 103(i) of the Truth in Lending Act) or a new credittransaction not under an open end credit plan.‘‘(r) C

REDIT AND

D

EBIT

R

ELATED

T

ERMS

—‘‘(1) C

ARD ISSUER

.—The term ‘card issuer’ means—‘‘(A) a credit card issuer, in the case of a credit card;and

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