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FACTA - Fair and Accurate Credit Transactions Act of 2003
FACTA 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 Compliant
The 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.”
To sum it up in English - It requires any person or company that keeps records on individuals to take “reasonable measures to protect against unauthorized access to or use of the information in connection with its disposal.”
This means that using a licensed and certified document shredding company is always a good idea!
By obtaining a certificate of destruction from a shredding company, a business owner will decrease their liability in handling sensitive consumer information.
FACTA affects almost every business in the United States.
Certain types of businesses are especially under scrutiny for FACTA violations including companies that handle:
Credit card applications
Loan applications
Bank statements
Credit card statements
Voided checks
Any records containing:
Social Security numbers
addresses
dates of birth,
and other private information
Contract a document destruction company to properly dispose of consumer information today.
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Related Links
- The FTC Website
- The Gramm-Leach-Bliley Act: The Safeguards Rule
- FTC Safeguards Rule: Education & Guidance
- Press Release From FTC Regarding Safeguards Rule
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