Safer consumer times ahead for all of us! A new law goes into effect in June 2005 that will ensure the protection of your personal financial information. We say it’s about time and long over due for everyone to do the right thing.
The Fair & Accurate Credit Transaction Act (FACTA) is the new federal law that has been passed to ensure risk reduction of fraud and identity theft for consumers.
Most companies like real estate and medical offices already do shred sensitive documents without the law in place. The new law means an extra step to recycling and better protection for the consumer.
FACTA applies to anybody who maintains consumer information and any business regulated by the Federal Trade Commission. Realtors, mortgage brokers, consumer reporting agencies, lenders, insurers, employers, landlords, government agencies, auto dealers are now required to shred/destroy all consumer information (paper, CD’s, Discs & hard drives) before tossing into the refuse bin, or face penalties, the threat of lawsuits or law enforcement actions (both State & Federal).
The National Association for information Destruction the authority agency for document security and destruction companies will become even busier referring new clients to certified companies and tracking information destruction /shredding services.
