Final answer:
The Fair and Accurate Credit Transactions Act (FACTA) is the legislation aimed at enhancing consumer protections in credit reporting, allowing individuals to access their credit reports for free annually, dispute inaccuracies, and protect against identity theft.
Step-by-step explanation:
FACTA, enacted in 2003, offers consumers the right to receive a free credit report annually from each of the major credit reporting agencies. It also introduced measures to combat identity theft, such as truncating credit card numbers on receipts and mandating the disposal of consumer information to prevent unauthorized access.
Moreover, FACTA includes provisions like the Red Flags Rule, requiring financial institutions and creditors to implement identity theft prevention programs, and it allows consumers to place fraud alerts on their credit reports.
In summary, FACTA stands as a vital piece of legislation empowering consumers with the tools and rights necessary to monitor and protect their credit information effectively.
Correct Answer: C) FACTA