On December 4, 2003, President Bush signed the Fair and Accurate Credit Transactions Act of 2003 (Public Law 108-159, the FACT Act) to amend the federal Fair Credit Reporting Act (FCRA). The FACT Act adds new limits on sharing of information with affiliates for marketing purposes, a new notice requirement for lenders using risk-based pricing, extensive identity theft provisions, and credit score disclosure requirements, and makes permanent the preemption of state law with respect to many FCRA issues. This Client Alert summarizes the new information sharing limitations of the FCRA.