FACTA
2003 amendment to the FCRA that mandated free annual credit reports, fraud alerts, and identity-theft protections.
The Fair and Accurate Credit Transactions Act (FACTA, 2003) is a major amendment to the FCRA that added: free annual credit reports from all three bureaus, fraud alerts under §605A, identity-theft fraud blocks under §605B, and the right to dispute inaccurate information directly with furnishers under §623(a)(8).
Most modern consumer credit-repair tactics rely on FACTA-introduced provisions.
Also called
Related terms
The Fair Credit Reporting Act, 15 U.S.C. §1681 — federal law governing how credit reporting works.
FCRA §605B requires bureaus to block fraudulent identity-theft accounts within 4 business days of receiving the consumer's affidavit.
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