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Thread: Another thing to manage
03-02-2008, 10:38 AM #1
Another thing to manage
I just got this off of Yahoo news.
The Federal Trade Commission issued the Fair and Accurate Credit Transactions Act in 2003, a law aimed at minimizing the risk of identity theft and consumer fraud. In November 2004, the FTC added the FACTA Disposal Rule to enforce the protection and disposal of sensitive consumer data.
The FACTA Disposal Rule says that "any person who maintains or otherwise possesses consumer information for a business purpose" must destroy discarded consumer information, whether in paper or electronic form.
Who must comply? Simply put, virtually everyone. Any business (whether employing one or thousands) using consumer information in its everyday operations or storing personal data as a business, such as banks, lenders, insurers, auto dealers, real estate agents, employers and record management companies, must safeguard consumer information. The law also applies to service providers that destroy information, from shredders, recyclers, waste management or technology disposal companies.
I personally don't keep much client information, but I do have both electronic and paper records of their name and credit card numbers, etc.
I do make it a point not to have cc numbers communicated via email, I take it over the phone or in person and once it comes time, I will shred the paper document.
Just another thing to think about.
Similar Threads:Jim Luttrall
03-02-2008, 11:06 AM #2
Re: Another thing to manage
It's great that there's laws to help protect consumers but in today's climate you'd be crazy to not have a credit monitoring service. I would NEVER count on others (especially the gov.) to protect me.
I use Credit Report,Credit Score & Monitoring Services, Identity Theft Protection- Identity Guard
I think it costs around $12 a month and monitors all 3 agencies. It works almost instantly. Every inquiry, new account, etc. and I get an email.
Sorry for drifting off-topic.... As for my clients stuff anything sensitive gets shredded for sure. We usually only take cards in person, by phone or by fax and then destroy the info.
On Edit: Wow! Weird... I entered a web address and it changed to a different group of text in a link. Granted, it's the right place but that's just strange. I feel like someone is watching me type
03-02-2008, 04:13 PM #3