FACTA is the Fair and Accurate Credit Transaction Act of 2003 (FACTA), is a NEW FEDERAL LAW. It is designed to reduce the risk of Consumer Fraud and Identity Theft, created by improper disposal of consumer information. FACTA will help educate and protect Businesses and Consumers. For example, consumers will have the right to one free credit report annually from the national repositories and national specialty credit reporting agencies. President Bush signed the FACTA Law On December 4, 2003. This legislation contains significant amendments to the Fair Credit Reporting Act on a broad scope of topics and issues. Did you know the FACTA Law requires you dispose of records properly or pay State and Federal fines of $1000 – $2500.00 per record.