According to Your Credit Card Companies, the law updated and strengthened many provisions of the Fair Credit Reporting Act that, when first passed in 1970, ushered in a wave of consumer protections and ensured Americans fair access to credit. 

Key FACT Act provisions protecting consumers:

• Provides consumers with a free credit report every year from each of the three major credit bureaus, from a single, centralized source. Consumers can request one or all three of their free annual credit reports via the Web at http://www.annualcreditreport.com, by calling 1-877-322-8228, or mailing requests to Annual Credit Report Request Service, P.O. Box, 105281, Atlanta, GA 30348-5281.
  
  
• Creates a national fraud alert system to simplify consumers' ability to report suspicious activity regarding their accounts. Consumers can contact any one of the three major credit bureaus and request that a fraud alert be placed on credit reports.
  
  
• Ensures that consumers are notified that negative information that could harm their creditworthiness may be reported to a credit bureau.
  
  
• Provides consumers enhanced medical privacy protections.
  
  
• Establishes a financial literacy commission and national financial literacy campaign.

Many facets of the bill require financial institutions and businesses to be protective of their consumers to further ensure they are not victims of fraud. When consumers place "fraud alerts" on their credit reports, creditors are required to take specific precautions to ensure that new credit applications are legitimate. The law prohibits merchants from printing more than the last five digits of a credit card on a receipt. And it requires banks to develop and promote policies to combat identity theft and credit card fraud.