From the course: CIPP/US Cert Prep: 2 Private Sector Privacy
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Fair and Accurate Credit Transactions Act (FACTA)
From the course: CIPP/US Cert Prep: 2 Private Sector Privacy
Fair and Accurate Credit Transactions Act (FACTA)
- [Instructor] The use of credit information evolved during the digital era, with much more widespread reliance on credit reports and the rampant growth of identity theft crimes. In response to these changes, Congress passed the Fair and Accurate Credit Transactions Act, or FACTA, in 2003. FACTA sought to modernize the requirements of the Fair Credit Reporting Act. One of the most well-known provisions of FACTA is the right of individual consumers to obtain free copies of their credit reports from each major credit reporting agency once per year. These reports are provided through the annualcreditreport.com website, run by the agencies in conjunction with the Federal Trade Commission. Many of the provisions of FACTA are designed to limit the use of credit report information in identity theft. First among these, FACTA allows consumers who believe that they may be the victim of fraud to place fraud alerts on their files…
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