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

The Fair and Accurate Credit Transactions Act (FACTA) is a law in the United States that was enacted in 2003 to protect consumer’s financial information. It is meant to ensure that consumers are aware of their rights and that businesses are responsible for using the data they collect in an accurate and secure manner. FACTA requires businesses to provide consumers with a notice of their rights and a summary of their information-handling practices when they collect, use, disclose, and share their information. In addition, it regulates what type of information businesses can collect, how they can use it, and how they must safeguard it. It also requires businesses to provide consumers access to their information, as well as to correct any inaccurate data in their records. In Hawaii, FACTA applies to all companies that collect or use personal financial information related to credit transactions, such as credit card information, bank accounts, and Social Security numbers. Businesses must comply with specific standards for protecting the security and confidentiality of consumer information, as well as requirements for providing consumers with the ability to access and review their records. FACTA also gives consumers the right to sue businesses that violate this law. In addition, the Federal Trade Commission (FTC) may pursue civil lawsuits against businesses that fail to adhere to FACTA requirements. By doing so, the FTC is able to ensure that businesses take the necessary steps to keep consumer’s financial information secure and accurate.

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

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