FTC Rules That Reduce Consumer FraudAnd Identity Theft Boon To Shredding Industry

Businesses that handle sensitive consumer credit information will be required to destroy that information before it is discarded to comply with the "Fair and Accurate Credit Transaction Act" (FACTA) that goes into effect in June, 2005. Those businesses include credit reporting agencies, real estate agencies, mortgage lenders, landlords, and government agencies. The Federal Trade Commission says that the Act covers all data, including paper, CDs, computer discs and hard drives. Companies must ascertain that no information can be retrieved from these media after they have been discarded.

Comments

[Jane N-B]

Hi Francis!

Thanks for your post on this topic. Great idea in theory, but I wonder how effective in practice. Having legislation in place doesn't mean the end of dumping of private information, unfortunately. You'd think these companies would use common sense...but common sense isn't that common!

Jane N-B
www.TwinCitiesRealEstateBlog.com