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
dexter@labwire.com
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