Fair and Accurate Credit Transactions Act

In 2003 the Fair and Accurate Credit Transactions Act (FACTA) was created as an amendment to the 1970 Fair Credit Reporting Act (FCRA). The FACTA serves to protect consumers from identity theft or fraud by regulating the way creditors and financial institutes receive and store personal information, such as social security numbers and bank account information. FACTA stipulates that all financial institutes and creditors that have covered accounts possess a written Identity Theft Prevention Program for their consumers.