Vertical Screen, Inc. through its subsidiary, Business Information Group, Inc. , provides pre-employment and pre-contractual background checks to employers and other organizations. The following information will assist consumers to:
The Fair Credit Reporting Act (FCRA) was amended by the Fair and Accurate Credit Transaction Act (FACT Act) of 2003, which allows consumers to request a free copy of their consumer file from specific consumer reporting agencies once every 12 months. According to the Fair Credit Reporting Act (FCRA), a consumer may request a free copy of their credit report from each of the three national credit bureaus—Equifax, Experian, and TransUnion—once every 12 months. Free credit reports are available under the FCRA at www. annualcreditreport. com, the sole source permitted by federal law; or by sending a request to Annual Credit Report, PO Box 105281, Atlanta 30348-5281, or by phoning 1-877-322-8228. Your complete name, address, SSN, date of birth, and a declaration indicating whether you would like your credit report from one, two, or all three credit bureaus will be required.
If you have previously had a background report run on you by Business Information Group, Inc. you may request a free annual file disclosure pursuant to the Free Annual File Disclosure Rule, 16 C. F. R. Part 610, under the following circumstances:
The FCRA describes a “disclosure” as “all information in the consumers file at the time of the request”. Further, some state laws also entitle consumers to free disclosures and/or Background Report copies in other circumstances.
If none of the aforementioned requirements have been satisfied, you can get in touch with Business Information Group, Inc. and ask for a Disclosure or a copy of the Consumer Report/Investigative Consumer Report (Background Screening Report) that we prepared at one of our clients’ requests, of which you are the subject. This service is provided at no charge to you. Please note that proper identification will be required.
Please note that Business Information Group, Inc. only prepares Background Screening Reports at the request of our client who must obtain authorization. Therefore, unless you have given permission for Business Information Group, Inc. to obtain a background screening report about you, will not have a file of which you are the subject. You will not have a file with Business Information Group, Inc. if you haven’t applied for a job with an employer that runs pre-employment background checks. Typically, the Consent and Disclosure forms that an applicant must sign before a background report is requested will disclose to the consumer the name and identity of the background firm that was used by an employer.
Customers have the legal right, both state and federal, to obtain a copy of their background report and to contest the veracity of any information found in it.
Upon receipt of a consumer inquiry or dispute, Business Information Group, Inc. will reinvestigate any disputed information pursuant to the Fair Credit Report Act (FCRA).
Please note that Vertical Screen and its subsidiary, Business Information Group, Inc. , is a consumer reporting agency. We have no say in hiring or appointment decisions made by our clients, and we are unable to provide an explanation for any unfavorable action that has been done.
For additional details on how we handle and protect your information, you might also want to look over our Privacy Policy.
Have you ever wondered how your bank safeguards your credit information? Well, part of the reason is that your financial identity is protected by the Fair and Accurate Credit Transactions Act (FACTA), which was passed in 2003. Let’s examine this law in detail to find its most important provisions that affect both consumers and banks.
What Does FACTA Do?
FACTA, an amendment to the Fair Credit Reporting Act (FCRA), introduces a slew of provisions designed to enhance consumer protections, particularly in the realm of identity theft. Here’s a breakdown of its key features:
1, Identity Theft Prevention:
FACTA mandates that furnishers, entities that provide information to credit bureaus, adopt and implement identity theft prevention programs. These programs involve measures like risk assessment, red flags detection, and reasonable policies to prevent and detect identity theft.
2 Fraud and Active Duty Alerts:
Consumers can place fraud alerts on their credit reports, notifying creditors of potential identity theft. FACTA expands this protection by allowing consumers to place active duty alerts if they’re on active military duty. This helps prevent unauthorized access to credit during deployment.
3. Blocking Identity Theft Information:
FACTA gives consumers the ability to ask that information linked to identity theft be removed from future reporting if they find it in their credit report. This helps minimize the damage caused by identity theft.
4. Credit Score Disclosure:
Creditors are obligated to provide consumers with the credit scores they used in making credit decisions. This transparency allows consumers to understand how their creditworthiness is assessed and identify potential areas for improvement.
5. Limitations on Affiliate Sharing:
The sharing of customer information by affiliates—entities connected by common ownership or control—is restricted by FACTA. This helps protect consumer privacy and prevents unauthorized use of personal data.
6. Risk-Based Pricing Notices:
If a creditor uses risk-based pricing, where credit terms are based on a consumer’s credit risk, they must provide a risk-based pricing notice. This notice informs consumers about the factors considered in determining their credit terms.
7. Negative Information Disclosure:
Creditors must disclose to consumers that negative information about their accounts may be reported to credit reporting agencies. This transparency helps consumers understand the potential consequences of missed payments or other negative credit activity.
8. Furnisher Accuracy and Dispute Resolution:
FACTA emphasizes the importance of accurate reporting by furnishers. Consumers have the right to dispute inaccurate information directly with the furnisher, who is obligated to investigate and resolve disputes promptly.
9. Address Discrepancy Resolution:
FACTA requires furnishers to reconcile discrepancies in addresses between applications and consumer reports. This helps ensure that consumers receive accurate credit reporting and avoid potential identity theft issues.
What Does FACTA Mean for Banks?
Banks, as furnishers of credit information, are directly impacted by FACTA’s provisions. They must comply with the requirements outlined above, including implementing identity theft prevention programs, providing credit score disclosures, and resolving consumer disputes accurately and efficiently.
What Does FACTA Mean for Consumers?
FACTA empowers consumers with greater control over their credit information and enhanced protection against identity theft. Consumers can leverage the provisions of FACTA to:
- Place fraud and active duty alerts
- Block identity theft information
- Obtain credit score disclosures
- Dispute inaccurate information
- Ensure accurate address reporting
The Bottom Line
FACTA plays a vital role in safeguarding consumer credit information and combating identity theft. By understanding its provisions, both banks and consumers can take proactive steps to protect their financial identities and ensure accurate credit reporting.
Remember, knowledge is power. By staying informed about FACTA and its implications, you can take control of your credit information and safeguard your financial well-being.
What is the FCRA (Fair Credit Reporting Act)?
FAQ
What is the purpose of the FACT Act?
What tools are provided by the FACT Act?
What did the FACT Act amend?
What is the primary purpose of the FACT Act quizlet?
What is the fact act & how does it work?
Designed to help consumers check their credit reports for accuracy and detect identity theft early, the FACT Act gives every consumer the right to request a free report from each of the three major credit bureaus.
What is Facta & why is it important?
The act stipulates requirements for information privacy, accuracy and disposal; it limits the ways consumer information can be shared. Asides from protecting individuals (also referred to as consumers) from identity theft, FACTA also allows U.S. citizens access to fair and accurate consumer credit reporting.
Why was Facta passed?
FACTA was passed under the administration of then-President George W. Bush in response to increasing instances of identity theft. It amended the Fair Credit Reporting Act, passed in 1970 before identity theft had become a major concern.
What is the fair and Accurate Credit Transactions Act?
The Fair and Accurate Credit Transactions Act, passed in 2003, amended the Fair Credit Reporting Act. Provisions impacting banks include those related to identify theft, credit scores, risk-based pricing, sharing of information with affiliates, obligation of banks to report accurately and resolve consumer disputes, and address change requests.