Fair and Accurate Credit Transactions Act (FACTA)
What is the Fair and Accurate Credit Transactions Act (FACTA)?
FACTA is the Fair and Accurate Credit Transaction Act. This is a federal law that applies to every business in the great state of California and throughout the United States. FACTA was created to reduce and eliminate the risk of fraud as well as identity theft. Any business or company that incorrectly disposes of confidential information can be subjected to extremely high fines of up to $2500 per file.
Who is subject to FACTA Compliance?
This is a federal law that applies to every business in the great state of California and throughout the United States. Virtually all organizations in California must comply with FACTA. As a business owner, it is your obligation to protect private information surrounding your employees and customers. Systems that print payment card receipts must employ PAN truncation (personal account number truncation) so that the consumer’s full account number isn’t visible on the slip. There are significant penalties for merchants who do not comply and expose too much credit card information.
What are my Rights Under FACTA?
As a consumer, this legislation gives you unique tools to fight identity theft and provides you with ongoing access to the most dynamic credit markets across the world. You may request credit reports from the three major credit reporting agencies, and receive these at no charge. Consumers can place an alert message on their files if they suspect they have been victims of fraud. Under FACTA, corporations are mandated to properly dispose of your sensitive information to protect your information, preventing unauthorized exposure. You also have the right to be informed of any suspicious activity or acts of information theft immediately.
Who does FACTA Protect?
FACTA (Fair and Accurate Credit Transactions Act) is an amendment to FCRA (Fair Credit Reporting Act ) that was added, predominantly, to protect consumers from the risks of identity theft.
Why is FACTA Important?
Credit is simply crucial when it comes to qualifying for a mortgage because it impacts the specific terms of your mortgage. Good credit can have a significant impact on the process, whether you are financing a home or purchasing a new home. There’s a reason you hear a lot about the importance of your credit score, and that is one of the major aspects that lenders analyze to determine whether or not you qualify for a loan. If you fall victim to identity theft, this can have a major impact on your credit score and could determine whether or not you receive financial assistance. After noticing this negative impact, a new law was introduced in 2003 to combat identity theft; The Fair and Accurate Credit Transactions Act. (FACTA). Since implementation, FACTA has implemented a series of rules meant to help you, the consumer.
Where can I find more information about FACTA?
To learn more, visit this link: https://searchfinancialsecurity.techtarget.com/definition/PAN-truncation
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