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FACT Act
The Fair and Accurate Credit Transactions Act (FACT Act) is a U.S. legislation aimed at enhancing the accuracy of consumers' credit-related information and giving consumers more ability to combat identity theft.
Identity Theft
Using a computer to steal confidential information to clean out a person’s bank account, to run up credit card debt, to divert cash transfers, and to disrupt the financial and personal life of the victim.
Statute of Frauds
A legal principle requiring certain types of contracts to be written and signed to be legally enforceable, aiming to prevent fraud and misunderstandings.
Contract
A legally binding agreement between two or more parties that outlines obligations and rights of the parties.
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