What is the Fair and Accurate Credit Transaction Act (FACTA)?

he FACTA is an amendment to the FCRA that was added primarily to protect consumers from identity theft. The Act stipulates requirements for information privacy, accuracy and disposal, and limits the ways consumer information can be shared. FACTA also allows consumers to request and obtain a free credit report once every twelve months from each of the three nationwide consumer credit reporting bureaus (Equifax, Experian and TransUnion). This consumer benefit was specially included to engage consumers in reviewing their reports on an annual basis to help increase information accuracy in credit files.