Home > Glossary > FACT Act (Fair And Accurate Credit Transactions Act)

Meaning / Definition of

FACT Act (Fair And Accurate Credit Transactions Act)

Categories: Finance,

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 - Equifax, Experian, and TransUnion - once a year.To obtain your free reports, you must request them through the Annual credit report Request Service (www.annualcreditreport.com or 877-322-8228). If you request your credit report directly from one of the three credit reporting agencies or through another service, you'll pay a fee.Most experts recommend staggering your requests for the free reports - for instance, ordering one in January, the second in May, and the third in September - so that you can keep an eye on your credit throughout the year.It's also a good idea to check your report at least two months before you anticipate applying for a major loan or a job, so you can notify the credit bureau if you find any inaccuracies.You're also entitled to a free report directly from the credit reporting bureaus if you've recently been denied credit, have been turned down for a job, are on public assistance, or have reason to suspect that you're a victim of credit fraud or identity theft.

Featured term of the day

Definition / Meaning of

Increase

Categories: Banking,

nounan act of becoming larger ExamplesThere have been several increases in tax or tax increases in the last few years. • There is an automatic 5 per cent increase in price or price increase on January 1st. • Profits showed a 10 per cent increase or an increase of 10 per cent on last year.Usageincrease in the cost of livinga rise in the annual cost of livinga higher salary Examplesincrease in pay or pay increase • The government hopes to hold salary increases to 3 per cent.Usageshe had two increases last yearher salary went up twiceverbto grow bigger or higher ExamplesProfits have increased faster than the increase in the rate of inflation. • Exports to Africa have increased by more than 25 per cent. • The price of oil has increased twice in the past week.Usageto increase in priceto cost moreUsageto increase in size or valueto become larger or more valuableto make something bigger or higherUsagethe company increased her salary to £50,000the company gave her a rise in salary to £50,000"...turnover has the potential to be increased to over 1 million dollars with energetic management and very little capital" [Australian Financial Review]"...competition is steadily increasing and could affect profit margins as the company tries to retain its market share" [Citizen (Ottawa)]

Most popular terms

1. Most Favored Venue Wording
2. Direct Action
3. Financial Industry Regulation Authority
4. Relative Strength
5. Rating Bureau
6. Nonprofit
7. Brokerage Firm
8. Floating Rate
9. No-load Mutual Fund
10. Employee Retirement Income Security Act Section 510

Search a term

Keyword:

Browse by alphabet

ABCDEFG
HIJKLMN
OPQRSTU
VWXYZ#

Browse by category

Accounting
Banking
Bankruptcy Assistance
Bonds and Treasuries
Brokerages
Business and Management
Compliance and Governance
Credit and Debt
E-commerce
Economics
Estate Planning
Forex
Fraud
Fundamental Analysis
Futures
Global
Insurance
International Trade
Investing and Trading
Ipos
Legal
Loan and Mortgage
Mergers and Acquisitions
Mutual Funds
Operation and Production
Options
Patent
Personnel Management
Real Estate
Retirement and Pension
Statistics and Risk Management
Stocks
Strategies
Tax
Technical Analysis
Venture Capital