FACTA - Reduce the Risk of Identity Theft
Require the proper destruction of all consumer report data.
What is FACTA and why was it designed?
The Fair and Accurate Credit Transaction Act (FACTA or FACT Act) is designed to reduce the risk of consumer fraud and identity theft created by the improper disposal of consumer information. The law’s provisions require businesses to adopt procedures for the secure destruction of consumer reports and the information derived from them.
What you should know about the FACTA Disposal Rule
According to the FACTA Disposal Rule, consumer information that has outlived its lifecycle must be properly destroyed prior to disposal.
What violations can mean for your business
FACTA provides for substantial civil liability. In some cases, consumers may be entitled to recover the actual damages sustained as a result of the violation. In other cases, each consumer affected may be able to recover statutory damages of up to $1,000.
Where large numbers of consumers are affected, they may be able to bring class action lawsuits seeking potentially massive statutory damages. Courts are also authorized to award punitive damages in either an individual suit or a class action. Finally, a successful plaintiff, or class of plaintiffs, may recover reasonable attorneys’ fees.
In some violation cases, the federal government can bring an action in federal district court for up to $2,500 in penalties for each independent violation of the rule. The states are also authorized to bring actions on behalf of their residents and, in appropriate cases, may recover up to $1,000 for each willful or negligent violation of the rule.
In addition to maintaining NAID AAA certified and PCI DSS compliant shredding facilities, we:
- Have many locations that can accommodate both mobile and plant-based destructions.
- Can ensure compliance with FACTA, as well as all other relevant state and federal laws.
- Offer scalable and flexible solutions that work around your preferred schedules.
- Destroy computer equipment and many other digital media forms.
- Provide a Certificate of Destruction to ensure you meet your compliance requirements.
Access Records Management Can Help
Organizations within every industry, and of every size, can benefit from Access’ secure records destruction solutions.
Information is your most valuable asset. It’s our passion.
Are you ready to take control of your information lifecycle? We manage documents for over 30,000 companies in North America. Let us help you manage yours.