Fair & Accurate Credit Transactions Act of 2002 (FACTA)

The Fair & Accurate Credit Transactions Act of 2002 (FACTA) amended the Fair Credit Reporting Act. FACTA allows consumers to request and obtain a free credit report once every twelve months from each of the three nationwide consumer credit reporting companies (Equifax, Experian and Trans Union). In cooperation with the Federal Trade Commission, the three major credit reporting agencies set up the website, annualcreditreport.com, to provide free access to annual credit reports. The act also contains provisions to help reduce identity theft, such as the ability for individuals to place alerts on their credit histories if identity theft is suspected, or if deploying overseas in the military, thereby making fraudulent applications for credit more difficult. Further, it requires secure disposal of consumer information.

Link to Act: https://www.ftc.gov/enforcement/statutes/fair-accurate-credit-transactions-act-2003