An expansion of the Fair Credit Reporting Act which focuses on consumer access and identity theft prevention. The act mandates that credit reporting agencies allow consumers to obtain a free credit report once every twelve months. Additionally, it allows consumers to request alerts when a creditor suspects identity theft and gave the Federal Trade Commission (FTC) authority to promulgate rules to prevent identity theft. The FTC used the authority to create the Red Flags Rule.

Link to text of law: Fair and Accurate Credit Transactions Act of 2003

Acronym(s): FACTA, FACT Act

Associated term(s): Red Flags Rule

Associated law(s): Fair Credit Reporting Act