FACT ACT
Fair and Accurate Credit Transaction Act of 2003

The penalties for FACT ACT violation can be severe. The statute provides for private civil actions by individuals. Damages include any actual damages suffered, liquidated damages (if actual damages are absent or less than the liquidated ones), punitive damages, attorneys’ fees, and costs. Criminal penalties apply in certain circumstances. Many penalties handed down by the FTC begin at $11,000 per infraction and increase from there depending on the interpretation of the damages suffered and the negligence of the organization.