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The Fair and Accurate Credit Transactions Act (FACTA) is intended to help prevent identity theft and credit-related fraud in an increasingly online economy. The law requires creditors and reporting agencies to protect consumers' identifying information and take steps to guard against identity theft.
Key Takeaways Investigative consumer reports contain information on an individual that is not in their credit report, including their "character, general reputation, personal characteristics, or mode of living" and are most often used by employers to check on job applicants.
FACTA amends the Fair Credit Reporting Act (FCRA) to: help consumers combat identity theft; establish national standards for the regulation of consumer report information; assist consumers in controlling the type and amount of marketing solicitations they receive; and.
It gives consumers the right to one free credit report a year from the credit reporting agencies, and consumers may also purchase, for a reasonable fee, a credit score along with information about how the credit score is calculated.
FACTA (Fair and Accurate Credit Transactions Act) is a federal law and amendment to the FCRA (Fair Credit Reporting Act). It was added to primarily protect consumers from identity theft.