The Fair and Accurate Credit Transactions Act of 2003 (FACT Act)

New regulations take effect in fall 2008 that will affect NAR members that have affiliated businesses and those that deal with credit reports. The Fair Credit Reporting Act of 1970 (FCRA) was amended by the Fair and Accurate Credit Transactions Act of 2003 (FACT Act) late in 2007 adding several new regulations affecting some NAR members. 

Affiliate Marketing Rules

The mandatory compliance date for the Affiliate Marketing Rules is October 1, 2008. The rule generally prohibits a person from using information received from an affiliate to make a solicitation for marketing purposes to a consumer, unless the consumer is given notice and a reasonable opportunity and a reasonable and simple method to opt out of the making of such solicitations.
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Identity Theft Red Flag Guidelines

The mandatory compliance date for the Identity Theft Red Flag Guidelines is November 1, 2008. The rule requires users of credit reports to establish a program that will detect and respond to notices of address discrepancies. This rule will affect NAR members who use credit reports.
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Generally, the FACT Act requires the Federal Trade Commission, the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Comptroller of the Currency and the Office of Thrift Supervision (the Agencies) to issue joint regulations and guidelines regarding the detection, prevention, and mitigation of identity theft.

Who can I call for more information? 

The FTC Bureau of Consumer Protection, Division of Financial Practices, can be reached at 202.326.3224. 

You may also call:

Scott Rinn, Business Issues Policy Representative
Regulatory and Industry Relations at NAR’s office in Washington
ph: 202.383.7508
srinn@realtors.org