What is the Fair and Accurate Credit Transactions Act (FACTA) known for?

What is the Fair and Accurate Credit Transactions Act (FACTA) known for?

• A. Enforcing stricter penalties for fraud
• B. Providing credit education to consumers
• C. Permanently extending the provisions of FCRA
• D. Regulating mortgage interest rate disclosures

Answer: (C)

The Fair and Accurate Credit Transactions Act (FACTA) is known for its role in permanently extending the provisions of the Fair Credit Reporting Act (FCRA). FACTA was enacted to enhance consumers' rights regarding the accuracy and privacy of their credit information. This includes improvements in consumer access to credit reports and the ability to identify and address inaccuracies in those reports. By extending FCRA provisions, FACTA aims to provide greater protections against identity theft, allowing consumers to place fraud alerts on their credit reports and obtain free annual credit reports from each of the nationwide credit reporting agencies. The emphasis on enhancing consumer rights and the overall integrity of credit reporting makes this the correct focus of FACTA's significance.

The Fair and Accurate Credit Transactions Act (FACTA) is known for its role in permanently extending the provisions of the Fair Credit Reporting Act (FCRA). FACTA was enacted to enhance consumers' rights regarding the accuracy and privacy of their credit information. This includes improvements in consumer access to credit reports and the ability to identify and address inaccuracies in those reports. By extending FCRA provisions, FACTA aims to provide greater protections against identity theft, allowing consumers to place fraud alerts on their credit reports and obtain free annual credit reports from each of the nationwide credit reporting agencies. The emphasis on enhancing consumer rights and the overall integrity of credit reporting makes this the correct focus of FACTA's significance.