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FACT Act Helps Consumers Build Credit, Prevent Fraud

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The truth is, we can all use a little extra money now and then!

Whether it's to consolidate bills, take a trip, send a child to college, improve our home or cover an emergency...we don't always have the money we need sitting in our checking or savings accounts. And, if we do, that money may be earmarked to cover something else.

That's when we can help. Call us or come by and lets talk about the money you need. Remember, we're here to help you when and where we can.

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MidValley Federal Credit Union is closed for the following holidays in 2014:

  • January 20th - Martin Luther King Day
  • February 17st - Presidents Day
  • May 26th - Memorial Day
  • July 4th - Fourth of July Celebration
  • July 24nd - Pioneer Days
  • September 1st - Labor Day
  • October 13th - Columbus Day
  • November 11th - Veterans Day
  • November 27th - Thanksgiving Day
  • December 25th - Christmas Day
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FACT Act Helps Consumers Build Credit, Prevent Fraud

A new law, the Fair and Accurate Credit Transactions Act (FACT Act) of 2003, helps consumers understand their credit rights, understand their credit reports, and fight identity theft. Most of the FACT Act changes are effective by the end of 2004.

Key provisions regarding credit reports:

  • Consumers must have greater access to credit reports and credit scores.
  • Consumers must have better information about opting out of prescreened credit offers and information sharing between affiliated companies for marketing purposes.
  • Consumers must be able to get credit scores from credit bureaus for a reasonable fee.
  • Credit bureaus must provide a free credit report annually to consumers who request a copy.
  • Financial institutions that provide information to credit bureaus must ensure the accuracy and integrity of that information.
  • Financial institutions must notify members before or within 30 days after the fact that they're reporting negative information to credit bureaus.

Key provisions regarding identity theft protections:

  • The Federal Trade Commission will develop model forms to standardize how consumers report identity theft to creditors and consumer reporting agencies. Until then, use the ID Theft Affidavit at
  • A nationwide fraud alert system will require credit reporting agencies to ensure that any future requests are by the true consumer, not an identity thief posing as the consumer.
  • Credit bureaus must share identity theft complaints, and consumers need only make one call to receive advice and to set off a nationwide fraud alert.
  • Merchants must leave all but the last five digits of a credit card number off store receipts.
  • Active duty military personnel can place special alerts on their files while deployed overseas.

Contact MidValley FederalCredit Union for more information about the FACT Act.

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