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

The Fair and Accurate Credit Transactions Act (FACTA) is a federal law in Washington that helps protect consumers against identity theft. It was signed into law in 2003 and was designed to prevent, detect, and reduce identity theft. The act provides consumers with more control over their personal information, as well as more effective ways to resolve identity theft cases. FACTA includes provisions that require businesses to provide more secure storage of consumers’ personal information, restrict the printing of Social Security numbers on certain documents, impose standards for proper disposal of consumer information, and improve fraud alerts and identity theft protections. It also gives consumers the right to dispute any erroneous information that appears on their credit reports, and the right to request a free copy of their credit report annually. In addition, FACTA requires all businesses that accept credit cards, use consumer reports, or store sensitive personal information to maintain reasonable security measures to protect consumer data from theft and misuse. This includes implementing safeguards such as restricting employee access to customer information, encrypting data, and regularly monitoring for suspicious activity. Overall, FACTA provides a comprehensive set of measures to protect consumers from identity theft, improve their ability to resolve credit disputes, and promote accuracy and fairness in the consumer credit market.

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

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