What is the Fair and Accurate Credit Transactions Act?

The Fair and Accurate Credit Transactions Act (FACTA) is a federal law that was enacted in 2003 as an amendment to the Fair Credit Reporting Act (FCRA). Its purpose is to protect consumers from identity theft by limiting access to consumer credit information. In Nebraska, FACTA gives individuals the right to know what personal information is held about them in the credit reporting system. It also requires businesses to provide a notice of their rights to obtain a free copy of their credit report from each of the three major credit reporting bureaus. The law also gives individuals the right to dispute any inaccurate or incomplete information that appears in their credit reports. Additionally, FACTA requires credit agencies to provide consumers with one free credit report every 12 months. These reports may be requested in writing from the three major agencies, including Equifax, Experian and TransUnion. Consumers may also contact the Nebraska Department of Banking and Finance for additional information. Finally, FACTA requires businesses to provide a written notice to consumers when they are denied credit, insurance, or employment on the basis of information provided by the credit bureaus. This notice must include the name, address, and phone number of the bureau that provided the information. Overall, the Fair and Accurate Credit Transactions Act is designed to protect consumers from identity theft and to ensure accuracy of information in consumer credit reports. By providing consumers with access to accurate information, businesses, and other organizations are better able to make informed decisions about individuals’ creditworthiness.

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What is the Fair and Accurate Credit Transactions Act?

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