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.