Our client is a leading credit reseller and service provider directly affected by the Fair and Accurate Credit Transactions Act (FACTA), an amendment to the Fair Credit Reporting Act (FCRA). FACTA stipulates requirements for information privacy, accuracy, and disposal, and limits how consumer information can be shared. It’s a key factor in consumer protection and identity theft prevention.
Pre-FACTA, activities like credit dispute processing were courtesy functions with no set guidelines, timelines, and protocols. Software support for these processes was never developed; the process remained primarily paper which was inefficient, time-consuming, and costly.