If you are in the retail sector, you may have heard of what is known as the FACTA. But what exactly is FACTA? Well, The Fair and Accurate Credit Transactions Act is a federal law, that was added to the Fair Credit Reporting Act. So how does it relate to you? The purpose of this act is to protect consumers from having their personal information transferred, sold, or stolen. Not complying with FACTA can cost upwards of $2500 in fines for just one record not disposed of correctly. Consider how many personal records you dispose of daily. Contracting with a professional service like Shred With Us can protect you from disposing of these sensitive documents incorrectly and save you thousands of dollars.
Why You Need To Comply With FACTA
With this said, it is of the utmost importance to take extra precautions to discard of sensitive paper as well as hard drives containing private information. Complying with FACTA regulations should be the number one priority when considering what to do to protect the secure data you have on file. Fortunately, you can turn to Shred With Us to get your secure documents and shred them. Shred With Us offers a variety of shredding services, including: mobile shredding services, mobile document shredding, shredding documents services, business shredding, disk shredding, hard drive disposal service, commercial shredding and more.
How Your Company Can Follow FACTA
There are a few concrete ways that your company can adhere to FACTA. First, remember that you do count as a financial institution if you have access to consumer credit data like accounts that allow automatic drafts- or if you have the capacity to run credit scores. This means that you need to comply with the FACTA regulations set forth towards financial institutions- financial institutions can include retail stores, not just banks. Disposal rules are the same way- they apply to individuals too, including individuals that pull credit reports. These reports are often pulled by retail stores, and by almost any companies when hiring for positions. Lastly, you’ll need to remember that shredding must be extended to documents and electronic records. You need to follow all guidelines to the t, lest you want to interfere with FACTA regulations.
Let Shred With Us Help
It can sometimes be hard to keep track of all the rules and regulations in terms of shredding, especially when it applies to FACTA regulations. That’s where Shred With Us comes in handy. Shred With Us offers all manner of shredding services including: off-site shredding, drop off shredding services, local paper shredding, local shredding, secure onsite shredding, off-site shredding services, bulk shredding, media shredding, medical records destruction and more.