Facta
Facta Disposal Rule was introduced by The Federal Trade Commission, on November 18 2004. Facta ( The Fair and Accurate Credit Transaction Act ) is a Law designed to reduce the risk of consumers fraud and identity theft created by improper disposal of consumer Info.
What you need to know about Facta
- This rule applies to virtually every person and business in the United States.
- Every person and/or business "must properly dispose of such info by taking reasonable measures to protect against unauthorized access to or use of the info.. in connection with its disposal".
- FTC suggest that after due diligence, outsourcing your destruction with a company qualified of record destruction will satisfy the rule.
- FTC describes due diligence as : Requiring that the disposal company be certified by a recognized trade assoc. etc.
- Facta took effect on June 1,2005
- Potential penalties if you do not comply. Etc.
Regulations
(HIPAA) Health Insurance Portability & Accountability Act
HIPAA was enacted in 1996 and the mandatory compliance date is April 14,2003.
All hospitals, doctors, pharmacies, health plans, medical billing companies and
any other business entity involved in the healthcare industry must comply. The
rules apply to all protected health information. The Standard for Privacy of
Identifiable Health Information requires that covered entities put in place
administrative, technical and physical safeguards to protect the privacy of
protected health information. One example given of a safeguard for the proper
disposal of paper documents containing protected health information is that the
documents be shredded prior to disposal.
Gramm-Leach_Bliley Act (1999) Financial Services Modernization
Act
This Federal legislation went into effect in 2000, the privacy provisions in
the law require that financial institutions and insurance companies give
consumers prior notice of an intention to share personal information and a
chance to opt out of the sharing of such information. The law states that these
institutions and companies need to 'respect the privacy of its customers and to
protect the security and confidentiality of those customers' non-public
information. ' The language suggest that paper documents containing such
personal information should also be protected and safely destroyed.
Federal Privacy Act of 1974
This law was established in 1974 to insure that government agencies protect
the privacy of individuals and businesses with regard to information held by
them and to hold these agencies liable for any information released without
proper authorization
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