HumenhukCIPP/US Study Guide
Chapter 9: Financial Privacy

FACTA Amendments and Consumer Protections

Reviewed by Victor Humenhuk. Published . Reviewed .

FACTA (2003) amended the FCRA, preempting stricter state laws in most areas (states keep some identity-theft powers). It required truncation of card numbers on receipts, gave a free annual report from each of the three national bureaus, and mandated the Disposal Rule and Red Flags Rule.

How this supports CIPP/US study

Use this lesson to separate sectoral scope, data type and regulated entity before testing an exception. Continue with the CIPP/US practice exam.

  • Required truncation of credit and debit card numbers on receipts.
  • Gave consumers new rights to an explanation of their credit scores.
  • Created the right to a free annual credit report from each of Equifax, Experian and TransUnion.
  • Mandated the Disposal Rule and the Red Flags Rule.
Named state-law exceptions

FACTA preempts most stricter state laws but kept specific ones in effect: certain California and Colorado credit-score laws (plus insurance credit-score laws), and free-report frequency laws in Colorado, Georgia, Maine, Maryland, Massachusetts, New Jersey and Vermont.

Sources and study method

This independent lesson uses active recall, spaced retrieval and scenario practice. Read the full study method.