Credit Identity Theft & Privacy Policies

Is Credit Identity Theft Part of the Hue-man ExistenceBusiness Responsibility to Protect Consumers

Companies have a responsibility to protect customers from credit identity theft were possible. Not only is it a matter of law, it’s also good customer service to ensure sensitive information is used in an ethical, safe way. According to the Bureau of Consumer Protection, companies must properly store or dispose of sensitive information that is collected as part of the business process.

Credit Identity Theft Policy Overview

If your small business deals with financial, health, credit, or information about children, then you might need a credit identity theft policy in place to ensure you’re complying with numerous federal, state, and industry regulations. Some regulations you’ll need to be familiar with include:

  • The Children’s Online Privacy Protection Act, which regulates the type of information you can collect online from children with and without their parent’s permission.

  • The Gramm-Leach-Bliley Act, which requires any company offering financial services to provide an explanation of data sharing and safeguard practices.

  • The Fair Credit Reporting Act, which govern how entities access, use, store, and dispose of personal financial information.

Minimal Procedures to Protect Your Company and Customers

You can protect your customers—and your company—by ensuring employees are trained to handle sensitive data appropriately. Create a detailed privacy policy that includes a written notice of your practices to consumers. You can deliver the policy via your web page or through hard-copy notice. Request that the customer document receipt of the policy by clicking an accept button online or signing an acknowledgement in your office.

Employees Adhere to Credit Identity Theft Privacy Policies

Make sure all your employees follow the privacy policy to secure customer information. Review your policy on a regular basis to ensure that it meets stringent and oft-changing federal and state privacy laws. Use Internet and network security measures to safeguard electronic information. Lastly, keep necessary hard copies in locked, secure locations, and dispose of any unnecessary paper copies through professional shredding services (like us).