What is the main focus of the Fair and Accurate Credit Transactions Act?

The main focus of the Fair and Accurate Credit Transactions Act (FACTA) is indeed to prevent identity theft and improve the accuracy of credit reports. FACTA was enacted to enhance consumer protection in credit reporting and to give consumers better access to their credit information. This includes provisions that allow individuals to request free annual credit reports and dispute inaccuracies in their credit files. By encouraging transparency and accuracy within credit reporting systems, FACTA aims to help individuals safeguard their personal information and mitigate the risks associated with identity theft.

The other options are relevant to different areas of consumer protection and financial regulations but do not align with the specific objectives of FACTA. While the regulation of lending practices and supervision of fair housing are important, they fall under different legislation and frameworks that focus on financial transactions and equal housing opportunities, respectively. Additionally, managing real estate assessments pertains to property valuation and taxation, which is outside the scope of FACTA's mission. Thus, the focus on identity theft prevention and credit report accuracy distinctly marks the purpose of the Fair and Accurate Credit Transactions Act.