The Fair and Accurate Credit Transactions Act of 2003 (FACTA) is one of several pieces of legislation that aims to protect consumers from identity theft and help victims restore their records. Unfortunately, some lenders and retailers don’t follow the provisions of FACTA and continue to put consumers at risk. Restoring your identity and fighting for compensation can be overwhelming on your own; that’s where we come in.
Morgan & Morgan is a family protecting families, and we’ve been fighting For The People for over three decades.
If you’ve been a victim of identity theft because of a FACTA violation, fill out a free, no-risk case evaluation form to see if we can help.
What Is FACTA
FACTA is the reason consumers are allowed one free credit report per year from each of the three major bureaus, but there’s more to it than that. The Act also includes many provisions that help secure consumers’ personal information to reduce the risk of fraud and identity theft.
FACTA Provisions
The Act puts several specific measures in place that:
- Allow consumers to place fraud alerts in their own credit reports when they see suspicious activity
- Require lenders to disclose the factors that impacted their decision to approve or deny a loan
- Require reporting agencies to block the releasing of information related to an alleged identity theft
Credit Card Receipts
Only certain types of information may be printed on credit card receipts. Whenever you use your credit card to make a purchase, the receipt may include:
- Limited credit card information (last 5 digits of the card)
- Merchant information (store name, address, location)
- Transaction information (date, time, and amount of transaction)
- Authorization code (representing approval of the transaction)
However, FACTA stipulates that credit card receipts must not include:
- The card’s expiration date or CCV
- More than the last 5 digits of the card
Tech-savvy criminals don’t necessarily need much to work with, and private information like this may be enough to help them steal your identity. FACTA reduces the risk of identity theft and other fraud by restricting vendors from printing credit card details that can be used against the consumer.
If you receive a receipt that shows these restricted details, we can help hold the offending business accountable for the violation.
Examples
FACTA compliant:
**** **** ***5 4321
**** **** **** 1234
FACTA non-compliant:
5432 1*** **** ****
1234 **** **** ****
**** **** **12 3456