FACTA is an amendment to which act?

• A. Consumer Privacy Act
• B. Fair Credit Reporting Act
• C. Federal Trade Commission Act
• D. Electronic Communications Privacy Act

Answer: (B)

FACTA builds on and broadens the framework of the Fair Credit Reporting Act. The Fair Credit Reporting Act regulates how consumer credit information is collected, shared, and used by credit reporting agencies. FACTA was enacted to strengthen protections against identity theft and to give consumers greater access to and control over their credit information. It introduced provisions such as free annual credit reports from the major bureaus, enhanced fraud and active-duty alerts, and stricter rules for disposal of sensitive data. Because these enhancements modify and expand the existing rules around consumer credit information, FACTA is an amendment to the Fair Credit Reporting Act.