FACTA (Fair and Accurate Credit Transactions Act)

Passed in 2003, the Fair and Accurate Credit Transactions Act enables consumers to request a free credit report from the top three credit reporting companies. These free credit reports can only occur once every twelve months.

Related Terms

  • Authorizations (Card Processing)

    All transactions must be authorized via terminal, cash register, voice authorization, or automated voice response phone system (IVR).

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  • Merchant Account

    An account opened through a payment processor or financial institution that allows payees to accept credit card payments from a payer.

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