(FACTA) Fair and Accurate Credit Transcation Act

Question 1

FACT Act and FACTA amended (Regulation V)

Answer 1

Intended to help consumers fight “identity theft”

FTC Red Flags Rules (Section 114 Rules) aka - identify theft rules.

• Section 114 rules requires card issuers to access the “validity” of change of address request
• Free Credit Report annually (no “if” needed)
  www.annualcreditreport.com

The FACT ACT requires the following:
1. Businesses to “truncate” credit/debit card receipts.

2. Consumer can place “fraud alerts and credit freezes”
3. Requires measures to “secure and dispose” of sensitive consumer credit information.