Credit Card Glossary: Terms and Definitions
Fair and Accurate Credit Transactions Act
The Fair and Accurate Credit Transactions Act of 2003 is a federal law that established consumers’ rights to obtain their credit reports from credit bureaus, free, once a year. The act led to the establishment of the website, www.annualcreditreports.com, that provides the access to the three major credit bureaus. The act also gives consumers the right to place an alert on their credit reports if they suspect fraud. And the Fair and Accurate Credit Transactions Act requires merchants to truncate the credit card account number shown on receipts.