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The Fair and Accurate Credit Transactions Act (FACTA) legislation was passed in December of 2003. The law was created to help prevent consumer fraud and Identity Theft. In 2005, the Federal Trade Commission (FTC) added the Disposal Rule to FACTA. The Disposal Rule states sensitive information derived from consumer reports must be disposed of properly. The standard for proper disposal is flexible so a company can choose a method that works best for their practices and the sensitivity of the information. There are a couple methods approved under the law and you can check them out on the FTC’s website. Underground Vaults & Storage provides mobile and off site shredding services to help clients meet the policies in the legislation. Our Document Resources division is NAID certified so clients know their information is secure under the best guidelines available in the industry.
Some businesses that must comply with FACTA are: consumer reporting agencies, lenders, insurers, employers, landlords, government agencies, automobile dealers, attorneys, etc… Any entity that maintains information in consumer reports as a part of their services to their clients is covered under the rule. Information that must be destroyed includes any personal identifying information beyond name, for example; social security numbers, driver’s license numbers, email addresses, and phone numbers. Reasonable measures must be made to keep the information from unauthorized persons. And although the law was created for the information contained and derived from consumer reports, the FTC encourages that similar protective measures should be made for any records that contain personal information.
Click here for more information on the Disposal Rule.