Practical Law Glossary Item w-007-5232 (Approx. 2 pages)
Glossary
Fair and Accurate Credit Transactions Act
A federal statute enacted in 2003 as an amendment to the Fair Credit Reporting Act. The Fair and Accurate Credit Transactions Act (FACTA) regulates the handling of consumer account information to prevent identity theft. FACTA requires that receipts do not contain full credit card numbers and card expiration dates. Regulations enacted under FACTA require financial institutions and creditors to put in place a written identity theft protection program and appropriate records disposal measures.