The Fair and Accurate Transaction Act (FACTA)
The Fair and Accurate Credit Transactions Act (FACTA) credit law is an extension of the FCRA (Fair Credit Reporting Act) intended primarily to help fight identity theft. Privacy standards, accuracy, information-sharing guidelines and customer rights disclosure are all included in FACTA.
Some of the most important statutes under FACTA you should know are:
- Consumers are entitled to a free credit report every year from each of the 3 major credit reporting agencies (TransUnion, Equifax and Experian)
- Consumers are entitled to a free credit report any time they are a victim of identity theft
- Consumers have the right to contact the credit bureaus and have their account flagged, or place a “fraud alert” on their account, if they’ve been a victim of identity theft
- Creditors and service providers are obligated to disclose any information concerning an identity theft—as it pertains to your credit—to you and to any authorities you request so as to help you restore your financial health
FACTA also includes guidelines for credit bureaus that concern the safe disposal of credit information, disclosure of fraud alerts to creditors and service providers, and the safeguard of credit and debit transaction information.
If you’ve been a victim of identity theft, FACTA protects your rights to have corrections made to damages caused by fraudulent activities. It is in place to help you resolve your credit problems caused by identity theft and restore your credit as it should be.
For more information about FACTA, visit the Federal Trade Commission’s website at www.ftc.gov or contact a credit repair expert at My Credit Group.
