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The Federal Trade Commission's Fair Credit Reporting Act of 1971, and its amendment in 2003, the Fair and Accurate Credit Transactions Act (FACTA) are the federal laws that regulate the use of credit reports.

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The Federal Trade Commission's Fair Credit Reporting Act of 1971, and its amendment in 2003, the Fair and Accurate Credit Transactions Act (FACTA) are the federal laws that regulate the use of credit reports.

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There are several credit reporting agencies in the U.S. that can look up and send someone their credit report annually. The three major agencies are Equifax, Experian, and TransUnion. The Fair and Accurate Credit Transactions Act requires that everyone is able to receive up to 3 free credit reports per year.

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Chexsystems is a Credit Reporting Agency (CRA) governed by the Fair Credit Reporting Act (FCRA) and other laws. Under the Fair and Accurate Credit Transaction Act (FACTA) amendments to the Fair Credit Reporting Act (FCRA), they are subject to the same rules and regulations. Chexsystems monitors and reports on your banking activities. It looks for unusual or suspicious banking transactions, overdrafts, cashing checks against insufficient funds and not meeting minimum account balances.Many banks and credit unions use chexsystems when opening a deposit account to determine if the account should be opened.

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Who does the Fair Credit Billing protect Who does the Fair Credit Billing protect

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In 2003 the United States Congress passed the Fair and Accurate Credit Transactions Act which allows people to request a free credit report from each of the three national consumer credit reporting agencies every twelve months. You may call 1(877)322-8228 or go online to request your free copies

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