Payment Glossary

FACTA (Fair and Accurate Credit Transactions Act)

Passed in 2003, the Fair and Accurate Credit Transactions Act enables consumers to request a free credit report from the top three credit reporting companies. These free credit reports can only occur once every twelve months.

Related Terms

  • AAP

    An accredited ACH professional certified by the National Automated Clearing House Association (NACHA).

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  • Payment Gateway

    A payment gateway is an application service provider that authorizes credit card and electronic check payments for businesses. A payment gateway facilitates the transfer of information between...

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