May 13, 2016
Federal Trade Commission Consumer Protection Resources……
FCRA – Fair Credit Reporting Act
Federal Government legislation enacted to promote the accuracy, fairness, and privacy of consumer information contained in the files of consumer reporting agencies.
FACTA – Fair & Accurate Credit Transaction Act
FACTA is an amendment to FCRA (Fair Credit Reporting Act ) that was added, primarily, to protect consumers from identity theft. The Act stipulates requirements for information privacy, accuracy and disposal and limits the ways consumer information can be shared. Details include:
- The three major credit reporting agencies are required to provide consumers’ credit reports to the consumer, without charge.
- Consumers can place an alert message on their files if they suspect they have been victims of fraud.
- Systems that print payment card receipts must employ pan truncation (personal account number truncation) so that the consumer’s full account number is not viewable on the slip.
FDCPA – Fair Debt Collection Practices Act
Is the main federal law that governs debt collection practices. The FDCPA prohibits debt collection companies from using abusive, unfair or deceptive practices to collect past due debts from you.
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