Fair and Accurate Credit Transactions Act (FACTA)
The Fair and Accurate Credit Transactions Act establishes a national system of fraud detection so victims can alert all three major credit rating agencies with a single phone call.
Starting June 1, 2005, employers must destroy personal information about their employees before they throw it out if they got the information from a credit report. That means "shredding or burning" paper documents or "smashing or wiping" computer disks.
The federal government's website states that "Although the Disposal Rule applies to consumer reports and the information derived from consumer reports, the Federal Trade Commission encourages those who dispose of any records containing a consumer's personal or financial information to take similar protective measures."
Learn more about FACTA: The Fair and Accurate Credit Transaction Act of 2003 and in this FACT Act Compliance Personal Information A Guide to Business
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