What is the Fair and Accurate Credit Transactions Act (FACTA)?

A federal law designed to improve the accuracy of consumer credit reports and to provide U.S. consumers with additional consumer protection, with an emphasis on combatting identity theft. The most well-known stipulation of this law is that it provides U.S. consumers with the right to receive one free credit report per year from each of the three major consumer credit bureaus through the website annualcreditreport.com.