Fair and Accurate Credit Transactions Act

law, United States [2003]

Also known as: FACTA

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The Information Architects of Encyclopaedia Britannica

Last updated

July 20, 2026

Quick Summary

The Fair and Accurate Credit Transactions Act (FACTA) is a United States law passed in 2003. Its primary purpose is to address issues related to credit reporting and protect consumers' privacy. FACTA allows individuals to obtain a free copy of their credit report annually from each of the three major credit bureaus: Equifax, Experian, and TransUnion. This provision aims to help consumers identify and correct potential errors or inaccuracies in their credit reports, which are compiled by credit bureaus and contain information about an individual's creditworthiness, including income, debts, and payment history.1

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…some of these problems, the Fair and Accurate Credit Transactions Act (FACTA) was passed in the United States in 2003 to allow individuals to obtain a free copy of their credit report once a year from each of the three leading credit bureaus.
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…some of these problems, the Fair and Accurate Credit Transactions Act (FACTA) was passed in the United States in 2003 to allow individuals to obtain a free copy of their credit report once a year from each of the three leading credit bureaus.
Read More