**GAO-05-223**                      Published: Mar 16, 2005. Publicly Released: Mar 16, 2005.                  

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## Highlights

This report responds to a mandate in the Fair and Accurate Credit Transactions Act (FACT Act) of 2003 requiring GAO to assess consumers' understanding of credit reporting. The FACT Act, among other things, extended provisions governing the credit reporting system and addressed ongoing concerns about inaccuracies in credit reports. For example, the act expanded access to credit information by entitling consumers to one free credit report each year. It also established the Financial Literacy and Education Commission (FLEC) to improve consumers' understanding of credit issues. This report examines consumers' understanding and use of credit reports and scores and the dispute process and looks at factors that may influence their understanding of credit reporting.

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## Topics

Business Regulation and Consumer Protection

Consumer educationConsumer protectionCreditCredit bureausData collectionFederal lawFederal regulationsFinancial statementsInformation disclosureReporting requirementsSurveys