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Fair And Accurate Credit Transactions Act (FACTA)

What is 'Fair And Accurate Credit Transactions Act - FACTA'

A U.S. resolution passed in 2003 that is aimed at enhancing protection measures for identity theft by creating standards for the handling of credit card numbers. This act allows individuals free access to their own credit reports and has created a nationwide alerts system.

This act is an amendment to the existing Fair Credit Reporting Act.

Explaining 'Fair And Accurate Credit Transactions Act - FACTA'

With the passing of FACTA, people are now allowed to request their credit reports free, once per year, from all three of the major credit reporting agencies (Equifax, Experion and Transunion).

Not only were requirements placed on mortgage lenders to release consumer information regarding credit scores and factors influencing the price of a mortgage loan, but standards also were put into place that require lenders and regulators to be more proactive in spotting identity theft before it occurs by looking for suspicious patterns.


Further Reading


Fair value accounting, financial economics and the transformation of reliability
www.tandfonline.com [PDF]
… Graydon Carter, the editor of Vanity Fair, a publication more at home with Groucho Marx … The failures of credit rating agencies were essential cogs in the wheel of financial destruction … will mistake the extensive use of anecdote in the FCIC report for accuracy and completeness …

The economic implications of corporate financial reportingThe economic implications of corporate financial reporting
www.sciencedirect.com [PDF]
… Graydon Carter, the editor of Vanity Fair, a publication more at home with Groucho Marx … The failures of credit rating agencies were essential cogs in the wheel of financial destruction … will mistake the extensive use of anecdote in the FCIC report for accuracy and completeness …

Banking, finance, and community economic empowerment: Structural economic theory, procedural civil rights, and substantive racial justiceBanking, finance, and community economic empowerment: Structural economic theory, procedural civil rights, and substantive racial justice
www.jstor.org [PDF]
… Graydon Carter, the editor of Vanity Fair, a publication more at home with Groucho Marx … The failures of credit rating agencies were essential cogs in the wheel of financial destruction … will mistake the extensive use of anecdote in the FCIC report for accuracy and completeness …

After the FACTA: state power to prevent identity theftAfter the FACTA: state power to prevent identity theft
heinonline.org [PDF]
… Graydon Carter, the editor of Vanity Fair, a publication more at home with Groucho Marx … The failures of credit rating agencies were essential cogs in the wheel of financial destruction … will mistake the extensive use of anecdote in the FCIC report for accuracy and completeness …

The transformation of business finance into financial economics: The roles of academic expansion and changes in US capital marketsThe transformation of business finance into financial economics: The roles of academic expansion and changes in US capital markets
www.sciencedirect.com [PDF]
… Graydon Carter, the editor of Vanity Fair, a publication more at home with Groucho Marx … The failures of credit rating agencies were essential cogs in the wheel of financial destruction … will mistake the extensive use of anecdote in the FCIC report for accuracy and completeness …

Anatomy of a financial crisisAnatomy of a financial crisis
link.springer.com [PDF]
… Graydon Carter, the editor of Vanity Fair, a publication more at home with Groucho Marx … The failures of credit rating agencies were essential cogs in the wheel of financial destruction … will mistake the extensive use of anecdote in the FCIC report for accuracy and completeness …


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