What is the Fair and Accurate Credit Transactions Act (FACTA)?

The Fair and Accurate Credit Transactions Act (FACTA) is a federal law enacted in 2003 to protect consumers from identity theft. It is enforced by the Federal Trade Commission (FTC). FACTA is designed to help reduce the prevalence of identity theft and protect consumers’ personal information. Under FACTA, any company or organization who holds personal data must take steps to protect it from unauthorized access. They are also required to provide notice to affected individuals if their information has been compromised or is at risk of being disclosed to an unauthorized person. In California, FACTA also requires companies to provide consumers with an easy way to access and review their credit report, dispute any inaccurate information, and place a fraud alert on their accounts if they suspect identity theft, without having to pay a fee. Additionally, consumers have the right to place a security freeze on their credit reports, which forces the credit bureau to get permission from the consumer before releasing any credit or other personal information. Overall, FACTA offers consumers protection from identity theft by requiring companies to protect their data, provide consumers with access to review their credit reports, and put measures in place to prevent fraud and unauthorized access to their personal information.

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What is the Fair and Accurate Credit Transactions Act (FACTA)?

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