Express Business News

BY Jack Karns
Special to the Sun Journal

Though identity-theft laws have improved, you need to be responsible

In 2003, President Bush signed into law the Fair and Accurate Credit Transactions Act of 2003. The point of this act was to introduce a host of identity theft protections to help consumers by establishing uniform standards for the protection of financial information.

The major provisions of FACTA have become law through stages. No doubt this was done due to the sweeping changes that FACTA was sure to bring to the credit markets.

Perhaps the most visible of these changes requires the three major credit reporting agencies - Equifax, Experian and Trans Union - to provide individuals with a copy of their own credit report every 12 months at no charge.

Consumers should avail themselves of this right to review credit reports for any existing errors, especially the existence of any accounts that have been opened fraudulently in their names. It is also important to check who has made inquiries into your credit standing and history...

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