FACTA-Fair and Accurate Credit Transactions Act Flashcards Preview

Federal Mortgage Related Laws > FACTA-Fair and Accurate Credit Transactions Act > Flashcards

Flashcards in FACTA-Fair and Accurate Credit Transactions Act Deck (6)
Loading flashcards...
1
Q

The Fair and Accurate Credit Transactions Act amended the FCRA in what year?

A

2003

2
Q

FACTA requires the three major credit reporting agencies to allow consumers to obtain a free copy of their own credit report every:

A

12 months

3
Q

FACTA established uniform standards for:

A

credit reporting and increased consumer protections against identity theft.

4
Q

In an effort to protect the privacy of consumer information and reduce the risk of fraud and identity theft, the FTC has created and enforces what Rule?

A

The Disposal Rule-Under the Rule, business are required to dispose of sensitive information derived from consumer reports to protect against “unauthorized use or access to information”

5
Q

The FTC “Red Flags Rule” requires any financial institution and mortgage lenders that hold an consumer account to implement what?

A

An “Identity Theft Protection Program”

6
Q

What does the “Identity Theft Protection Program” do?

A
  • identify patterns, practices and specific forms of activity that are “red flags” signaling possible identity theft.
  • detect and respond appropriately to red flags in order to prevent and mitigate identity theft.
  • be updated periodically to reflect changes in risks from identity theft.