FACTA (Fair and Accurate Credit Transactions Act)

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... (Continued)

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.
This was first published in January 2008

Continue Reading About FACTA (Fair and Accurate Credit Transactions Act)

Glossary

'FACTA (Fair and Accurate Credit Transactions Act)' is part of the:

View All Definitions

Dig deeper on FACTA law requirements

1 comment

Oldest 

Forgot Password?

No problem! Submit your e-mail address below. We'll send you an email containing your password.

Your password has been sent to:

File Extensions and File Formats

Powered by:

SearchSecurity

SearchCloudSecurity

SearchNetworking

SearchCIO

SearchConsumerization

SearchEnterpriseDesktop

ComputerWeekly

Close