Fair And Accurate Credit Transactions Act - FACTA
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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.
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Investopedia explains '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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Search results for 'Fair And Accurate Credit Transactions Act (FACTA)'
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http://www.investopedia.com/articles/pf/08/dispute-credit-error.asp
... were never informed, then you are entitled to dispute the report, thanks to a provision
of the new Fair and Accurate Credit Transactions Act of 2003 (FACTA). ...
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http://www.investopedia.com/articles/pf/10/know-your-consumer-protection-laws.asp
... recent transactions after you shop because they can be phishing scams. Getting Your
Facts Under the Fair and Accurate Credit Transaction Act (FACTA) amendments ...
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