FACTA is an amendment to what law?

FACTA is an amendment to what law?

• A. Fair Credit Reporting Act (FCRA)
• B. Fair and Accurate Credit Transaction Act
• C. Telephone Consumer Protection Act
• D. Credit Card Accountability Act

Answer: (A)

FACTA expands the Fair Credit Reporting Act. The law that FACTA amends is the Fair Credit Reporting Act (FCRA), which sets the rules for how consumer credit information is collected, used, and shared by credit reporting agencies. FACTA adds protections to strengthen identity-theft safeguards, such as allowing free annual credit reports, enabling fraud alerts, and imposing stricter disposal rules for consumer information. The other acts listed deal with different areas—The Telephone Consumer Protection Act covers telemarketing and robocalls, and the Credit Card Accountability Act is a separate set of credit card protections—so they are not the statutes FACTA amends.

FACTA expands the Fair Credit Reporting Act. The law that FACTA amends is the Fair Credit Reporting Act (FCRA), which sets the rules for how consumer credit information is collected, used, and shared by credit reporting agencies. FACTA adds protections to strengthen identity-theft safeguards, such as allowing free annual credit reports, enabling fraud alerts, and imposing stricter disposal rules for consumer information. The other acts listed deal with different areas—The Telephone Consumer Protection Act covers telemarketing and robocalls, and the Credit Card Accountability Act is a separate set of credit card protections—so they are not the statutes FACTA amends.