RT Journal Article
SR Electronic
T1 The Fair and Accurate Credit Transactions Act of 2003
JF The Journal of Structured Finance
FD Institutional Investor Journals
SP 27
OP 39
DO 10.3905/jsf.2005.500373
VO 11
IS 1
A1 Stephen F.J. Ornstein
A1 Matthew S Yoon
A1 David A. Tallman
YR 2005
UL https://pm-research.com/content/11/1/27.abstract
AB The Fair and Accurate Credit Transactions Act of 2003 (the “FACT Act”) made a number of amendments to the Fair Credit Reporting Act of 1996 intended to protect consumers against identity theft, increase the accuracy of consumer reports, and grant consumers greater control over marketing solicitations. Many provisions of the FACT Act will impact the structured finance industry. By its terms, the FACT Act applies to nearly every business that regularly extends credit to consumers. Further, the Act imposes many requirements on entities that use consumer credit information or report information to national consumer reporting agencies. Securitizers and other secondary market participants should not only develop FACT Act compliance procedures to the extent that they use or report credit information, but should also ensure that the lenders with which they do business meet their obligations under the Act.