What is the Fair and Accurate Credit Transactions Act (FACTA)?
The Fair and Accurate Credit Transactions Act (FACTA) is a federal law passed by Congress in 2003 that is aimed at protecting the personal financial information of individuals across the United States, including those in Mississippi. FACTA requires businesses to take steps to ensure that any information they collect from individuals is secure. It also requires organizations to notify consumers when their personal and financial information has been compromised or exposed to potential fraud or identity theft. Under FACTA, organizations must allow customers to review the accuracy of their credit reports, and provide consumers with the opportunity to dispute any inaccuracies they find. Businesses must also provide consumers with access to their own credit histories, and must take reasonable measures to protect customer data from unauthorized access or theft. FACTA also places restrictions on how consumer information can be used, and requires organizations to properly dispose of any documents containing personal information. Finally, the law requires companies to provide appropriate training and security to employees who handle customer information. Overall, FACTA is designed to promote responsible handling of consumer data, and to protect the financial information of citizens across the United States including those in Mississippi.
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