My Property Management FAQ's > Credit Reporting > I have heard about something new called FACT. What is FACT?
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10/2008: FACT is the Fair and Accurate Credit Transactions Act of 2003. The Federal Trade Commission recently enacted a new requirement which becomes effective in November 2008. The new law aka Identity Theft Red Flags and Address Discrepancies, requires users of credit information to implement procedures to guard against Identity Theft. Under the new law property owners and managers must review their existing policies and procedures to insure they have procedures in place to verify addresses when there is an address discrepancy. If they do not, they must modify their policies and procedures. ALL owners and managers who utilize credit information are subject to this and must comply. Additional guidance can be found in the Credit Reporting area of the Before the Tenancy section in MRU.
Last updated on October 6, 2008 by MRU Managing Editor