FACTA was enacted as United States Public Law 108-159, on December 4, 2003; compiled at 117 Stat. 1952-2012; and codified at 15 USC 1601 to 1681.
FACTA was enacted to amend the Fair Credit Reporting Act, to prevent identity theft, improve resolution of consumer disputes, improve the accuracy of consumer records, make improvements in the use of, and consumer access to, credit information, and for other purposes. It was added, primarily, to protect consumers from identity theft. See 15 USC § 1601-1681.
Section 1. Short title; Table of Contents
(a) Short title – This Act may be cited as the “Fair and Accurate Credit Transactions Act of 2003.”
(b) Table of Contents
Sec. 1. Short title; table of contents.
Sec. 2. Definitions.
Sec. 3. Effective dates.
TITLE I—IDENTITY THEFT PREVENTION AND CREDIT HISTORY RESTORATION
Subtitle A—Identity Theft Prevention
Sec. 111. Amendment to definitions.
Sec. 112. Fraud alerts and active duty alerts.
Sec. 113. Truncation of credit card and debit card account numbers.
Sec. 114. Establishment of procedures for the identification of possible instances of identity theft.
Sec. 115. Authority to truncate social security numbers.
Subtitle B—Protection and Restoration of Identity Theft Victim Credit History
Sec. 151. Summary of rights of identity theft victims.
Sec. 152. Blocking of information resulting from identity theft.
Sec. 153. Coordination of identity theft complaint investigations.
Sec. 154. Prevention of repollution of consumer reports.
Sec. 155. Notice by debt collectors with respect to fraudulent information.
Sec. 156. Statute of limitations.
Sec. 157. Study on the use of technology to combat identity theft.
TITLE II—IMPROVEMENTS IN USE OF AND CONSUMER ACCESS TO CREDIT INFORMATION
Sec. 211. Free consumer reports.
Sec. 212. Disclosure of credit scores.
Sec. 213. Enhanced disclosure of the means available to opt out of prescreened lists.
Sec. 214. Affiliate sharing.
Sec. 215. Study of effects of credit scores and credit-based insurance scores on availability and affordability of financial products.
Sec. 216. Disposal of consumer report information and records.
Sec. 217. Requirement to disclose communications to a consumer reporting agency.
TITLE III—ENHANCING THE ACCURACY OF CONSUMER REPORT INFORMATION
Sec. 311. Risk-based pricing notice.
Sec. 312. Procedures to enhance the accuracy and integrity of information furnished to consumer reporting agencies.
Sec. 313. FTC and consumer reporting agency action concerning complaints.
Sec. 314. Improved disclosure of the results of reinvestigation.
Sec. 315. Reconciling addresses.
Sec. 316. Notice of dispute through reseller.
Sec. 317. Reasonable reinvestigation required.
Sec. 318. FTC study of issues relating to the Fair Credit Reporting Act.
Sec. 319. FTC study of the accuracy of consumer reports.
TITLE IV—LIMITING THE USE AND SHARING OF MEDICAL INFORMATION IN THE FINANCIAL SYSTEM
Sec. 411. Protection of medical information in the financial system.
Sec. 412. Confidentiality of medical contact information in consumer reports.
TITLE V—FINANCIAL LITERACY AND EDUCATION IMPROVEMENT
Sec. 511. Short title.
Sec. 512. Definitions.
Sec. 513. Establishment of Financial Literacy and Education Commission.
Sec. 514. Duties of the Commission.
Sec. 515. Powers of the Commission.
Sec. 516. Commission personnel matters.
Sec. 517. Studies by the Comptroller General.
Sec. 518. The national public service multimedia campaign to enhance the state of financial literacy.
Sec. 519. Authorization of appropriations.
TITLE VI—PROTECTING EMPLOYEE MISCONDUCT INVESTIGATIONS
Sec. 611. Certain employee investigation communications excluded from definition of consumer report.
TITLE VII—RELATION TO STATE LAWS
Sec. 711. Relation to State laws.
TITLE VIII—MISCELLANEOUS
Sec. 811. Clerical amendments.
Action Cyber Times™ © 2018 All Rights Reserved.
Action Cyber Times™ provides resources for cybersecurity, data privacy, compliance, breach reporting and risk management, intellectual property theft, and the utilization of emerging technologies such as artificial intelligence, machine learning, blockchain DLT, advances in cryptographic applications, and more.
Disclaimer: The content available on the web site and in the blog posts is for informational purposes only and is not intended to, and does not, provide legal advice. Contact and retain an appropriate professional for legal advice. Use of this content or any of the links contained within the site do not create an attorney-client relationship. The opinions expressed are the opinions of the author.