FACT Act

FACT Act
Fair and Accurate Transactions Act (FACT Act)
Consumer protection legislation enacted in 2003. The FACT Act, permanently established the Fair Credit Reporting Act's federal pre-emption to those areas typically governed by the Fair Credit Reporting Act. Other portions of FACT Act also amended the Fair Credit Reporting Act to provide consumers with a free annual credit report, new identification protections, medical privacy rights and restrictions and the ability to opt out of information sharing among affiliated companies for marketing and solicitation purposes. Section 112 provides a fraud alert system for identity theft victims and consumers that are on active duty in the military. Section 212 requires lending institutions to provide home loan applicants with a copy of their credit score that was obtained from a consumer credit reporting agency. Section 311 imposes a requirement on lenders to provide additional disclosures when risk based pricing affects the rate provided to the borrower. American Banker Glossary

Financial and business terms. 2012.

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  • Fact (disambiguation) — A fact is an idea which is considered to be wholly and absolutely true.Fact may also refer to the following: *In science, a fact is a verifiable and objective observation. *In philosophy, a fact is either a true proposition or something (a state… …   Wikipedia

  • ACT-R — (pronounced act ARE : Adaptive Control of Thought Rational) is a cognitive architecture mainly developed by John Robert Anderson at Carnegie Mellon University. Like any cognitive architecture, ACT R aims to define the basic and irreducible… …   Wikipedia

  • Fact — (f[a^]kt), n. [L. factum, fr. facere to make or do. Cf. {Feat}, {Affair}, {Benefit}, {Defect}, {Fashion}, and { fy}.] 1. A doing, making, or preparing. [Obs.] [1913 Webster] A project for the fact and vending Of a new kind of fucus, paint for… …   The Collaborative International Dictionary of English

  • fact — n [Latin factum deed, real happening, something done, from neuter of factus, past participle of facere to do, make] 1: something that has actual existence: a matter of objective reality 2: any of the circumstances of a case that exist or are… …   Law dictionary

  • fact — [fakt] n. [L factum, that which is done, deed, fact, neut. pp. of facere, DO1] 1. a deed; act: now esp. in the sense of “a criminal deed” in the phrases after the fact and before the fact [an accessory after the fact] 2. a thing that has actually …   English World dictionary

  • fact — ► NOUN 1) a thing that is indisputably the case. 2) (facts) information used as evidence or as part of a report. ● before (or after) the fact Cf. ↑before the fact ● a fact of life Cf. ↑a …   English terms dictionary

  • Act Against Bullying — Act Against Bullying, also known as AAB, is a national charity in the United Kingdom founded in 2003 by Louise Burfitt Dons The purpose of the charity is to help children who are bullied at school by providing them with confidential advice and to …   Wikipedia

  • Act of Settlement (Irish) — • 1662 act passed by the Irish Parliament to bring in Protestant settlers in Munster, Leinster, and Ulster Catholic Encyclopedia. Kevin Knight. 2006. Act of Settlement (Irish)     Act of Settlement (Irish) …   Catholic encyclopedia

  • act — n 1 *action, deed Analogous words: performance, accomplishment, achievement (see corresponding verbs at PERFORM): *feat, exploit 2 statute, law, *bill act vb 1 Act, be …   New Dictionary of Synonyms

  • act — act, action 1. The distinction between the two words in their general meanings is not always clear: we are judged by our acts or by our actions. In general, however, action has more of the notion of performance, and extends to inanimate things… …   Modern English usage

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