The Federal Trade Commission rule helps servicemembers track risks of identity theft.
11/4/2019 9:00
A new Federal Trade Commission Rule stemming from an amendment to the Fair Credit Reporting Act now requires nationwide credit reporting agencies (CRAs) to provide credit monitoring services at no cost to active duty military servicemembers.
The rule and new law aim to help servicemembers learn of risks of identity theft through their credit reports, according to a news release from the FTC. The FCRA amendment includes requirements for the three CRAs to notify servicemembers about any “material additions or modifications to their credit lines” once they sign up for the monitoring services.
“Credit monitoring services can alert consumers to mistakes or problems with their credit reports that might stem from the unauthorized use of their personal information to obtain credit,” according to the FTC.
The three nationwide CRAs Equifax, Experian and TransUnion have details on how to sign up for free credit monitoring available on their websites.
Read more about the rule and FCRA amendment on the FTC’s website.
ACA International members may find more information about compliance through the online ACA SearchPoint Library using the Credit Reporting and Service Members tabs.
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