Wednesday, October 19, 2005

Businesses Don't Know Facts On FACTA

More than three months after the latest provision of the Fair and Accurate Credit Transactions Act (FACTA) went into effect, a survey by zTelligence and Fellow's Inc. showed that small-business owners are still unfamiliar with FACTA and the significant impact it can have on their businesses.
Passed in 2003, with the most recent provision going into effect June 1, 2005, FACTA requires businesses of all sizes to help prevent identity theft by destroying personal information before disposing of it. FACTA also applies to small businesses and even individuals who collect certain personal information from employees or customers, including credit reports and social security numbers.
The results from an online poll taken in July of 2005 of over 500 small businesses found very few businesses are aware of FACTA. When asked what acts or regulations they had heard of, FACTA was recognized by only 13.1% of respondents.
Small business owners can find out everything they need to know about FACTA by visiting www.fellowes.com. The site features an online resource guide for FACTA information and suggests ways businesses can ensure compliance.

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