Certified Apartment Portfolio Supervisor (CAPS) Practice Exam - Module 1

The Fair and Accurate Credit Transactions Act (FACTA) is specifically designed to enhance consumer protection related to credit transactions. This act was implemented to safeguard individuals against various forms of identity theft and requires measures to be taken for the accuracy of credit reporting. It mandates that consumers have access to their credit reports, and allows them to dispute inaccuracies, ensuring that credit transactions are conducted fairly.

In addition to addressing the accuracy and integrity of credit information, FACTA also includes provisions to protect consumers’ personal information, making it a critical piece of legislation in the realm of financial transactions.

While the Fair Credit Reporting Act also plays a significant role in overseeing the credit reporting industry, FACTA explicitly builds upon that foundation by adding layers of consumer protection relevant to today’s credit landscape. The other options listed—Equal Pay Act and Family Medical Leave Act—pertain to employment laws rather than consumer credit issues, which makes them irrelevant to the question of consumer protection in credit transactions.