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FACTA - Fair and Accurate Credit Transactions Act of 2003FACTA was passed by the United States Congress on December 4, 2003 as an amendment to the Fair Credit Reporting Act. This law allows consumers to request and obtain a free credit report once per year from all of the 3 major consumer credit reporting companies in the USA. These companies are: Equifax - http://www.equifax.com/home/ Experian - http://www.experian.com/ TransUnion - http://www.transunion.com/ In compliance with FTC rulings these three agencies set up a website at http://www.annualcreditreport.com where consumers can obtain access to their free annual credit reports. How does FACTA relate to document shredding?FACTA also contains provisions to decrease instances of identity theft, such as the ability for consumers to place notices on their credit history reports if they suspect there has been a case of identity theft.In addition, The Federal Trade Commission has also passed new laws requiring businesses to destroy sensitive consumer data. Become FACTA CompliantThe new FACTA Disposal Rule is a general provision which creates guidlines for the handling of “any record about an individual, whether in paper, electronic, or other form that is a consumer report (also known as a credit report) or is derived from a consumer report.” FACTA affects almost every business in the United States. Related Links
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