What is FACTA?
Fair and Accurate Credit Transaction Act
What is FACTA a sub act of?
FCRA
What is the purpose of FACTA?
- To prevent identity theft
- To improve resolution of consumer disputes
- Improve the accuracy of consumer records
- Facilitate consumer’s access to the information retained by the CRA’s
When must the Disclosure of Credit Score be sent?
ASAP no hard time
What are the obligations for CRAs under FACTA?
Free annual credit report, Creating fraud alerts, Consumers have the right to purchase their credit report
Where can consumers get their free annual credit report?
www.annualcreditreport.com
When can a fraud alert be placed on your account?
When the consumer requests the alert to be placed to the CRA If there is Fraudulent activities.
How long will a fraud alert stay on?
90 days or 7 years with receipt of Identity Theft Report,
active duty military NO LESS than 12 months
What is the FTC disposal rule?
- Ensures credit reports & other of the borrowers private information is disposed of properly: Burning, Shredding, Pulverizing
- Businesses are required to truncate credit/debit receipts XXXX-XXXX-XXXX-1234
What is the FTC Red Flags Rule?
- Requires financial institutions and creditors to establish an identity theft prevention program
- The rule is risk based- the program that is in place must be appropriate to the size and complexity of your business or organization and the score of its activities
