March, 2004 - On December4, 2003, President George W. Bush signed the Fair and Accurate Credit Transaction Act of 2003 (the "FACT Act" or the "Act") which amends the Fair Credit Reporting Act (the "FCRA"). The changes are wide ranging and intended to, among other things, prevent identity theft, improve the use of and consumer access to consumer reports, enhance the accuracy of consumer reports, limit the sharing of certain consumer information, ensure the preemption of state laws in certain critical areas, and improve financial education and literacy.

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