FACTA is the Fair and Accurate Credit Transaction Act, a federal law designed to reduce the risk of consumer fraud and identity theft created by improper disposal of consumer information. This applies to virtually every person and business in the United States, and violators can expect potentially severe penalties. You wouldn’t want to be held responsible for someone’s personal information leaking out, would you? Think about the effects that would have on the reputation of a business. Identity takes a lifetime to build, and only a second to lose.
For more information on FACTA, please visit www.ftc.gov/idtheft.
The Health Insurance Portability and Accountability Act is a federal law to prevent abuses of personal health information, including unauthorized access. It is administered by the U.S. Department of Health and Human Services, and it is enforced by the U.S. Office of Civil Rights. This law applies to any and all organizations or individuals who retain or collect health related information. Failure to destroy health information is no longer reasonable or acceptable, and why jeopardize everything to save pennies? If audited, you will be asked to show what you are doing to comply with HIPAA, and demonstrating that you use a service to destroy all discarded paperwork can be a significant signal to auditors that you are taking HIPAA seriously.