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50 Ways to Protect Your Identity in a Digital Age: New Financial Threats You Need to Know and How to Avoid Them, Second Edition by Steve Weisman

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9. Congress Deals with Credit Reports and Identity Theft: The Fair and Accurate Credit Transactions Act

“Those who do not learn from history are condemned to repeat it.”

—George Santayana

I used to think about that George Santayana quote a lot, particularly while taking history courses. However, it also applies to Congress when they revisit legislation in order to improve it.

The Fair and Accurate Credit Transactions Act (FACTA) was signed into law on December 4, 2003, by President George W. Bush. The name of this law reflected the concerns of many Americans about the fairness and accuracy of their credit reports, as well as concerns regarding privacy and identity theft.

The law was an amendment of the Fair Credit Reporting Act that was originally ...

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