What is FACTA?
FACTA is short for the Fair and Accurate Credit Transactions Act, which became part of Federal law in December 2003. FACTA essentially amends the Fair Credit Reporting Act in many ways beneficial to consumers including:
- National standards for credit reporting
- Consumer protection for Identity Theft
- Improvements for accuracy ion credit reports
- Enhancing the privacy of confidential consumer information
Who is effected by FACTA?
Besides consumers the new FACTA law affect users of credit information, furnishers of credit information, and credit reporting agencies....
To learn how the law interrelates among the affected parties, click here...
When does FACTA take effect?:
From a legal perspective, FACTA became law in December 2003. From a practical perspective, provisions of the law will become effective throughout 2004 and into 2005. For more information. Click here..
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