Identity theft is clearly the fastest growing crime in America affecting almost 10 million Americans annually. This places a hugh risk on the backs of consumers. The Fair and Accurate Credit Transactions Act (FACTA) is a consumer rights protection bill that became effective June 1st, 2005. All companies in the United States are affected by this legislation. Consumers are affected as well and are as a result somewhat more protected; but still are often left vulnerable to identity thieves.
FACTA was established to lower the risk of identity theft and consumer fraud. It enforces the proper distruction of consumer information such as name, address, SSN, credit information, and data compiled from this information. What more should businesses and consumer know and do?
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