Fair And Accurate Credit Transactions Act - FACTA


DEFINITION of 'Fair And Accurate Credit Transactions Act - FACTA'

A U.S. resolution passed in 2003 that is aimed at enhancing protection measures for identity theft by creating standards for the handling of credit card numbers. This act allows individuals free access to their own credit reports and has created a nationwide alerts system.

This act is an amendment to the existing Fair Credit Reporting Act.

BREAKING DOWN 'Fair And Accurate Credit Transactions Act - FACTA'

With the passing of FACTA, people are now allowed to request their credit reports free, once per year, from all three of the major credit reporting agencies (Equifax, Experion and Transunion).

Not only were requirements placed on mortgage lenders to release consumer information regarding credit scores and factors influencing the price of a mortgage loan, but standards also were put into place that require lenders and regulators to be more proactive in spotting identity theft before it occurs by looking for suspicious patterns.

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  1. Does a free credit report show your credit score?

    The free credit reports available from the three credit reporting agencies do not include your credit score. Under the 2 ... Read Full Answer >>
  2. Is getting a free credit report safe?

    Getting a free credit report can be safe if you are careful about the particular website from which you get it. Credit reports ... Read Full Answer >>
  3. How accurate are free credit reports?

    Free credit reports are usually considered mostly accurate, which is why it is important to regularly examine your own reports. ... Read Full Answer >>
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    Apple Pay is a mobile payment system created by Apple to reducing the number of times shoppers and buyers have to pay for ... Read Full Answer >>
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    NetSpend does not report to credit bureaus in any capacity. NetSpend is a prepaid debit card program that allows cardholders ... Read Full Answer >>
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