Legal Definitions - facta

Definition: FACTA is an abbreviation for the Fair and Accurate Credit Transactions Act. It is a federal law that was passed in the United States in 2003 to protect consumers from identity theft and credit fraud.

Examples:

• FACTA requires that credit reporting agencies provide consumers with a free credit report once a year.
• FACTA also requires that businesses take steps to protect sensitive information, such as social security numbers and credit card numbers, from being stolen or misused.

The examples illustrate how FACTA is designed to protect consumers from identity theft and credit fraud. By requiring credit reporting agencies to provide free credit reports and businesses to protect sensitive information, consumers are better able to monitor their credit and prevent fraudulent activity.