What is the Fair and Accurate Credit Transactions Act?
The Fair and Accurate Credit Transactions Act (FACTA) is a federal law passed in 2003 that affects people living in Oregon. It protects consumer rights regarding credit reports and other financial transactions. FACTA is designed to help individuals to obtain better and more accurate credit information and to protect against identity theft. FACTA requires that credit reporting agencies provide consumers with a notice if their information is used to deny them credit or employment, as well as the right to receive a free annual credit report from each of the three major credit reporting bureaus. Furthermore, FACTA requires that agencies provide consumers with access to their own credit reports and allow consumers to dispute any inaccuracies and ask for corrections. To further protect consumers, FACTA also requires that companies must obtain consumer consent before sharing their credit report information with third parties and must properly dispose of records containing consumer information. FACTA also places certain restrictions on how companies can use consumer data. Companies must have written permission from the consumer before sharing any consumer financial information with third parties. Additionally, companies must destroy any consumer information after it is no longer needed. FACTA is an important law that helps to protect the financial information of people living in Oregon. With the implementation of FACTA, consumers are able to better protect their financial information and challenge any inaccuracies in their credit report.
Related FAQs
What is the Home Affordable Modification Program?What is the Monetary Control Act?
What is the Home Affordable Modification Program?
What is the Home Ownership and Equity Protection Act?
What is the difference between a bank and a credit union?
What is the Consumer Leasing Act?
What is the Equal Credit Opportunity Act?
What is the Fair Lending Act?
What is the difference between a credit union and a bank?
How does the Patriot Act impact banking law?
Related Blog Posts
What is Banking Law? – Understanding the Basics of the Financial System Legal Framework - July 31, 2023New Developments in Banking Regulations: What You Need to Know - August 7, 2023
Understanding Regulatory Compliance for Banking Institutions - August 14, 2023
Exploring Current Trends in Banking Law - August 21, 2023
Banking Litigation: What You Need to Know - August 28, 2023