Operating a business in the United States comes with a great amount of responsibility. With an interest in protecting the public and reducing crime, there are many different pieces of legislation in effect that businesses in various industries are expected to abide by. However, there is one major piece of legislation that applies to nearly every business in the country. This act is known informally as FACTA.
The Fair and Accurate Transactions Act (FACTA) was signed into law in late 2003 with the intention of lowering the risk and instances of consumer fraud, and of holding accountable institutions which fail to take appropriate measures to prevent consumer fraud. Since 2005, nearly all organizations and businesses in the US have been required to abide by FACTA guidelines and regulations.
What exactly does FACTA require of businesses? To summarize it, FACTA essentially requires businesses and organizations to operate and take specific measures to protect the information of their consumers from landing into unauthorized hands. FACTA outlines many different types of information that is included in the act, but some key types include:
- Drivers licenses
- Phone number
- Email address
- Physical address
- Social security numbers
In an effort to help make it easier and possible for consumers to monitor, protect and identify threats to their credit and other personal information, the act also includes a requirement for the three major credit reporting agencies to provide credit reports to consumers free of charge once per year. Credit reports can identify unexpected or unusual activity involving credit and other sensitive information.
Security Shredding NJ Can Help Your Business Make Compliance Easy!
Professional document shredding services are one of the most effective methods to staying in compliance with FACTA data management regulations. Security Shredding secure shredding services can help your business ensure that data is destroyed and disposed of in a manner that aligns with FACTA requirements.
Remember: victims of identity theft caused by careless or improper information handling are entitled to any sort of damages that may have been sustained. For organizations responsible for the mishandling of data, this can be extremely costly and even fatal. Protect your business and your clients with secure shredding services from Security Shredding.
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