ExpertGlossary

The purpose of this Act is to help consumers protect their credit identities and recover from identity theft.

One of the key provisions of this Act is that consumers can request and obtain a free credit report once every 12 months from each of the three nationwide consumer credit reporting companies (Equifax, Experian, and TransUnion). AnnualCreditReport.com provides consumers with the secure means to request their free credit report.

A Federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes.

The FCRA regulates consumer credit reporting and related industries to ensure that consumer information is reported in an accurate, timely, and complete manner. The Act was amended to address the sharing of consumer information with affiliates.

The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States.

You can divide the Federal Reserve's duties into four general areas:

• Conducting monetary policy
• Regulating banking institutions and protecting the credit rights of consumers
• Maintaining the stability of the financial system
• Providing financial services to the U.S. government

An organization authorized by statute for ensuring the safe and sound operation of financial institutions chartered to conduct business under that agency's jurisdiction.

The primary regulators are the following:

• OCC (Office of the Comptroller of the Currency)
• FDIC (Federal Deposit Insurance Corporation)
• FRB (Federal Reserve Bank]
• OTS (Office of Thrift Supervision)
• NCUA (National Credit Union Administration)
• State regulatory agencies