FACTA, The Fair and Accurate Credit Transactions Act: Fact Sheet 6(a) - Facts on FACTA

Federal Reserve Board (FRB)Identity Theft

The Fair and Accurate Credit Transaction Act of 2003 (FACTA) added new sections to the federal Fair Credit Reporting Act (FCRA, 15 U.S.C. 1681 et seq.), intended primarily to help consumers fight the growing crime of identity theft. Accuracy, privacy, limits on information sharing, and new consumer rights to disclosure are included in FACTA. (Pub. L. 108-159, 111 Stat. 1952)

This is all good news for consumers. However, consumers came out on the losing end when Congress virtually barred states from adopting stronger laws. The Notes section at the end of this guide has more information about Congressional pre-emption of state laws.

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