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

  • Cardholder

    A cardholder refers to the person to whom a credit or debit card is issued.

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  • SHR (Shared Network Transaction)

    A one time debit entry to the account of a receiver where the entry is initiated at an electronic terminal. The entry is initiated into a shared...

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