Fair and Accurate Credit Transactions Act definitionQuestion What is the Fair and Accurate Credit Transactions Act?
Answer The Fair and Accurate Credit Transactions Act (FACTA) defines federal government regulations creating requirements for businesses relating to disposal of consumer credit information.
The purpose of the rules is to reduce the risk of consumer fraud and related harms, such as identify theft, by defining a standard for proper disposal of consumer credit information. Under FACTA, businesses are required to take reasonable measures for proper disposal of consumer credit information. 
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