Fair and Accurate Credit Transactions Act (FACTA)

The Fair and Accurate Credit Transactions Act (FACTA) is a U.S. law that helps protect consumers’ personal and financial information. It aims to reduce identity theft and fraud by setting standards for how businesses handle credit and financial data. Key provisions include requiring secure ways to dispose of sensitive information, providing consumers with free credit reports, and improving fraud alerts. FACTA also enhances accuracy in credit reporting and strengthens consumers' rights to dispute errors, ultimately fostering a safer environment for managing personal credit information.