FACTA-Fair and Accurate Credit Transactions Act

Question 1

The Fair and Accurate Credit Transactions Act amended the FCRA in what year?

Answer 1

2003

Question 2

FACTA requires the three major credit reporting agencies to allow consumers to obtain a free copy of their own credit report every:

Answer 2

12 months

Question 3

FACTA established uniform standards for:

Answer 3

credit reporting and increased consumer protections against identity theft.

Question 4

In an effort to protect the privacy of consumer information and reduce the risk of fraud and identity theft, the FTC has created and enforces what Rule?

Answer 4

The Disposal Rule-Under the Rule, business are required to dispose of sensitive information derived from consumer reports to protect against “unauthorized use or access to information”

Question 5

The FTC “Red Flags Rule” requires any financial institution and mortgage lenders that hold an consumer account to implement what?

Answer 5

An “Identity Theft Protection Program”

Question 6

What does the “Identity Theft Protection Program” do?

Answer 6

• identify patterns, practices and specific forms of activity that are “red flags” signaling possible identity theft.
• detect and respond appropriately to red flags in order to prevent and mitigate identity theft.
• be updated periodically to reflect changes in risks from identity theft.