Fair and Accurate Credit Transactions Act of 2003

[AI summary unavailable — showing source text] Fair and Accurate Credit Transactions Act of 2003 - Amends the Fair Credit Reporting Act (FCRA) to extend Federal preemption to State law enacted after January 1, 2004, that declares explicitly that it is intended to supplement the FCRA and grant greater protection to consumers than is provided under Federal law. (Thus repeals the protection from Federal preemption granted to more stringent State consumer protection laws). Sets forth measures to address identity theft prevention, including: (1) credit card issuer responsibility to investigate cardholder change of address; and (2) truncation of credit and debit card account numbers. Places an affirmative duty upon a consumer reporting agency to: (1) make notification of fraud alert; (2) provide a summary of rights to identity theft victims; and (3) block information resulting from identity theft. Directs the Federal banking agencies to establish procedures for depository institutions to identify possible instances of identity theft. Instructs the Federal Trade Commission to prescribe rules for coordination of consumer complaint investigations. Requires a consumer reporting agency to take specified actions to reconcile discrepancies …