In 2003, the FACT Act was signed into law to amend the Fair Credit Reporting Act (FCRA) to enhance the ability of consumers to combat identity theft, increase the accuracy of consumer report, and allow consumers to exercise greater control regarding the type and amount of solicitations they receive. Among other things, it addressed risk-based pricing, the practice of setting and adjusting the price and other terms of credit offered or extended to a particular consumer to reflect the risk of nonpayment by the consumer.
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