Unfortunately, identity theft continues to be a major issue impacting millions of American adults each year. As more information and a greater number of transactions move online, that problem is likely to grow.
The Fair and Accurate Credit Transactions Act (FACTA) was enacted by the U.S. Congress in 2003 to enhance existing protection for consumers under the Fair Credit Reporting Act (FCRA), specifically including identity theft protection. FACTA has requirements that lenders and payment processors must follow, and provides mechanisms designed to allow individuals to better manage their credit profiles.