FACT ACT (Fair And Accurate Transaction Act)

Question 1

FACTA, or FACT Act stands for what, what is its purpose, and what regulation did it amend?

Answer 1

Fair And Accurate Transaction Act; it amended Regulation V; and its purpose is to help consumers fight identity theft.

Question 2

(FACTA) Under FACTA, what rules deal with identity theft?

Answer 2

FTC Red Flags Rules, or Section114 Rules.

Question 3

(FACTA) What are FTC Red Flags Rules, or Section114?

Answer 3

Rules that list activities that are red flags to signal identity theft—for creditors to look at.

Question 4

Under FACTA, are consumers able to retrieve a free Credit Report Annually?

Answer 4

Yes, once a year. FACTAs endorsed website is: www.annualcreditreport.com

Question 5

FACTA requires for businesses to “truncate” credit/debit card recepts—what does this mean?

Answer 5

To truncate credit/debit card receipts, means to shorten the credit/debit card number, so that if the receipt is stolen, the card number won’t be taken as well.

Question 6

FACTA requires consumers to retrieve permission to place fraud alerts, password and/or credit freezes—true or false, why?

Answer 6

False; FACTA does not require consumers to retrieve permission, but are already able to place fraud alerts, password and/or credit freezes when they like.

Question 7

Under FACTA, what are two measure that are require of sensitive consumer credit information?

Answer 7

1. ) Secure it.

2. ) Dispose of it.