Fair Accurate Credit Transaction Act: FACTA

  • Federal Trade Commission passed the Act in 2003, effective June 1st, 2005.
  • Designed to reduce the risk of consumer fraud and related harm, including identity theft.
  • Created to stop the improper disposal of consumer information.
  • This act generally makes everyone responsible for the security of this information.
  • The Act sets standards for maintaining and possessing consumer information.
  • Requires anyone who possesses consumer information to properly dispose of such information.
  • Provides policies and procedures requiring burning, pulverizing, or shredding of papers or disks. Global enforcement provisions exist plus State, Federal and Civil Penalties for Non-Compliance.

Click on the link to download the FACTA Overview.

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