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Fair and Accurate Credit Transactions Act (FACT Act)
A federal law that aims to protect consumers from identity theft and fraud by providing greater access to and control over their credit information
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The Fair and Accurate Credit Transactions Act (FACT Act) is a federal law that was enacted in 2003 to help prevent identity theft and improve the accuracy of consumer credit reports. It amended the Fair Credit Reporting Act (FCRA), which is a federal law that regulates the collection, use, and dissemination of consumer credit information.
Example
You request a free credit report each year. This ability is one of many benefits guaranteed by the FACT Act that help you to ensure your credit file is accurate.
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