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The Fair and Accurate Credit Transactions Act of 2003
The Fair and Accurate Credit Transactions Act (FACTA) of 2003 is a federal law, passed as an ammendment to the Fair Credit Reporting Act. The act contains provisions designed to reduce identity theft and became effective January 1, 2008.

Who is affected?
  • These regulations apply to all businesses that maintain "covered accounts".
  • "Covered Accounts" include accounts with a foreseeable risk of identity theft.
  • This includes "all companies, regardless of size that maintain, or otherwise possess, consumer
         information for a business purpose."
  • Nearly all businesses will be subject to these requirements.

  • Requirements and Services
       Labwire helps companies with the following FACTA requirements:
  • Establish Policies and Procedures
  • Provide required staff training on-line
  • Document Contractor/Vendor notification for compliance
  • Provide employee mitigation plan (as required)
  • (Identity restoration services provided by Kroll Inc.)

    For further information please contact Dexter Morris at

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