How Did the Fair and Accurate Credit Transactions Act (FACTA)

question 112

Multiple Choice

How did the Fair and Accurate Credit Transactions Act (FACTA) amend the Fair Credit Reporting Act (FCRA) ?

• A) It expanded the definition of "consumer reports" to include communications relating to employee investigations
• B) It increased the obligation of organizations to dispose of consumer data in ways that prevent unauthorized access
• C) It stipulated the purpose of obtaining a consumer report can only be for a review of the employee's credit worthiness
• D) It required employers to get an employee's consent in advance of requesting a consumer report for internal investigation purposes

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Definitions:

Total Assets

The sum of all assets owned by a company, including both current and fixed assets, as represented on the balance sheet.

Dividends

Disbursements issued by a company to its shareholders, usually sourced from the organization's earnings.

Income Summary

A temporary account used to transfer the revenues and expenses for an accounting period to the Retained Earnings account.

Retained Earnings

The total earnings of a company so far, minus any dividends or distributions given out to shareholders.