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.
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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.