FACTA (Fair and Accurate Credit Transactions Act) is an amendment to FCRA (Fair Credit Reporting Act ) that was added, primarily, to protect consumers from identity theft. The Act stipulates requirements for information privacy, accuracy and disposal and limits the ways consumer information can be shared.
Here are a few of the more prominent details of FACTA:
- The three major credit reporting agencies are required to provide consumers' credit reports to the consumer, without charge.
- Consumers can place an alert message on their files if they suspect they have been victims of fraud.
- Systems that print payment card receipts must employ PAN truncation (personal account number truncation) so that the consumer's full account number is not viewable on the slip.