|Fair and Accurate Credit Transactions Act|
|CITATION||15 U.S.C. §§ 1681 et seq.|
FACTA added new sections to the federal Fair Credit Reporting Act (FCRA, 15 U.S.C. § 1681 et seq.), intended to help consumers fight the problems of identity theft. FACTA contains provisions on accuracy, privacy, limits on information sharing and new consumer rights to disclosure.
Help for identity theft victims include:
FACTA incorporates several provisions that require financial institutions, creditors, and other businesses that rely on consumer reports to detect and resolve fraud by identity theft.
The so-called “red flags” and related sections of FACTA include:
|DATA COVERED||Data that is used to perpetrate identity theft or credit card fraud. FACTA also aims at behavior of criminals when conducting identity theft.|
|INDUSTRY||Businesses that use consumer reports.|
|PENALTIES||FACTA provides that no business entity may be held civilly liable under any provision of Federal, State, or other law for disclosure, made in good faith pursuant to FACTA.|