The Fair and Accurate Transactions Act of 2003, or FACTA, amended the Fair Credit Reporting Act (FCRA) to help consumers fight identity theft. The FACT Act is most known for giving consumers the right to a free credit report every year, but there are several other parts to the FACT Act.
Here are several provisions of the FACT Act:- Allows a nationwide system of fraud alerts to keep consumers from having to report identity theft to every credit bureau.
- Active duty military personnel can use an extended fraud alert when they're deployed overseas.
- Consumers have the right to a credit score from the credit bureau and an explanation for that score.
- Store receipts for credit card purchases can only include the last 5 digits of the credit card number.
- Identity theft victims can receive a copy of any application used to get products or services in your name as long as proof of identification is provided.
- Lenders must take action on suspected identity theft even before the consumer is aware of it.
