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

The Fair and Accurate Credit Transactions Act (FACTA) is a federal law that was created in 2003 to protect consumers in West Virginia from identity theft and financial fraud. This law provides a variety of options for consumers to more easily guard their credit and financial history. FACTA helps give consumers more control of their personal data and provides them with more clarity when applying for credit. FACTA requires consumer-reporting agencies to provide consumers with a free annual credit report. This report discloses all of the information that a consumer-reporting agency has collected from the consumer, thus allowing the consumer to check it for accuracy. This report can also help to identify any negative or incorrect marks that can lead to unfair credit decisions. FACTA also provides consumers with a variety of other tools to protect themselves against identity theft and financial fraud. It allows consumers to flag their credit report if they believe it has been accessed by an unauthorized person. It also requires businesses to securely dispose of any credit-report information that they have collected from a consumer. Finally, FACTA allows consumers to dispute any inaccurate, incomplete, or outdated information on their credit report. The law helps to ensure that any such disputes are investigated and resolved in a timely manner. This helps to ensure that consumers in West Virginia are not the victims of financial fraud or identity theft.

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

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