- Home
- Meet the Team
- Log In
- Contact
- Careers
- Search
- Search Results
- Branches & ATMs
- Rates
- Log In
- About MCU
- Join MCU
- Personal Banking
- Lending
- Credit Cards
- Lending Services
- Insurance
- Member Resources
- MCU Financials
- Forms and Disclosures
- Privacy Policy
- Automated Telephone Banking
- Order New Checks
- Privacy Notice
- Schedule an Appointment
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
More Details
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.
Related Terms
Check
A written instrument that directs a bank to pay a specific sum of money to the bearer or named payee.
Debt-to-Income Ratio (DTI)
A measure of how much of an individual's monthly income is consumed by debt payments.
Statement Period
The length of time covered by a bank or credit card statement, typically one month, used to determine which transactions are displayed.