InfoSight Spotlight: FACT Act Checklist

The Fair and Accurate Credit Transactions Act (FACT Act) amends the Fair Credit Reporting Act in several important ways. It gives consumers the right to one free credit report every year from the credit reporting agencies, added new identity theft protections that allow consumers to place fraud alerts on their credit reports, and requirement of […]

The Fair and Accurate Credit Transactions Act (FACT Act) amends the Fair Credit Reporting Act in several important ways. It gives consumers the right to one free credit report every year from the credit reporting agencies, added new identity theft protections that allow consumers to place fraud alerts on their credit reports, and requirement of provisions to provide risk based pricing notices and credit scores to consumers in connection with denials or less favorable offers of credit.

The Act also established a financial literacy commission and mandated a national financial literacy campaign to educate consumers on personal financial matters, including creating household budgets, managing spending more effectively, investment and wealth building, buying a home, and preparing for retirement. To assist credit unions with compliance, the FACT Act Checklist may provide helpful information. Read the full InfoSight newsletter here.

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About Us

The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

LSCU Mission Statement

To create an environment that enables credit unions to grow and succeed.

LSCU Vision Statement

To be the trusted advocate and preferred source of information for credit unions.

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