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FACTA - Fair And Accurate Credit Transactions Act Of 2003

What does it mean?

  • Helps consumers prevent or reduce the harm from identity theft
  • Requires that any individual or business who maintains, compiles, or possesses consumer information from consumer reports (Credit reports, credit scores, reports businesses, etc.) for a business purpose "must properly dispose of such information by taking reasonable measures to protect against unauthorized access to or use of the information in connection with its disposal"

Who is affected?

  • Any individuals and organizations that use consumer reports, including: consumer reporting agencies, lenders, insurers, employers, landlords, government agencies, mortgage brokers, car dealers, attorneys, private investigators, and debt collectors

What is the impact? (penalties and fines)

  • Federal fines up to $2,500 per violation
  • State fines up to $1,000

How to reach compliance?

Take reasonable measures to implement and monitor compliance with policies and procedures to ensure that consumer information cannot feasibly be read or reconstructed by:

  • The burning, pulverizing, or shredding of papers
  • The destruction and erasure of electronic media
  • Conducting due diligence and hiring a document destruction contractor to dispose of material specifically identified as consumer report information

Contact Us and a Cintas Document Management expert will do a no-obligation evaluation of your facility's information management needs.