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IAPP CIPP/US Practice Exam

Category - Professional

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FACTA is an amended to the Fair Credit Reporting Act for:
  1. Requiring financial institutions to provide access to an individual’s credit report upon the individual’s request
  2. Protecting consumers from identity theft
  3. Creating transparency between credit card companies, merchants, consumers, and financial institutions
  4. Requiring credit card companies to confirm that merchants have properly disposed of payment information
Explanation
Answer: B - FACTA was set in place as an amendment to the FCRA for purposes of protecting consumers from identity theft. Under FACTA, the major credit reporting agencies must provide consumers with free credit reports. If consumers suspect they have fallen victim to fraud, they can have special alert messages placed on their credit reports.

Payment card receipts must feature truncated personal account numbers which display a limited set of information about consumers’ payment cards.
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