FACTA Compliance Overview
FACTA, which stands for Fair and Accurate Credit Transactions Act, is a law that governs accuracy and fairness of credit reporting. It outlines how banks and other financial entities handle consumer credit information especially with respect to privacy.
FACTA was established to:
- Ensure the accuracy and fairness of credit reporting
- Safeguard the banking system as it this information is essential to consumer confidence and the continued functioning of the financial services
- Establish a mechanism to investigate and evaluate creditworthiness of consumers
- Protect consumers’ right to privacy as credit agencies use this personal information
- Outline reasonable procedures to be fair and equitable to both consumers and reporting agencies.
Shredding for FACTA Compliance
In the course of helping consumers, financial institutions or other entities collect personally identifiable and sensitive financial information. FACTA governs how businesses use and report this critical information. For your business to remain compliant, you need to safely store and destroy any client documents that contains:
- Social security numbers
- Credit card numbers
- Account numbers
- Name & address
- PIN codes
- Loan applications & supporting documentation
- Credit reports
- Contracts & correspondence
- Cancelled checks
- Payroll stubs
- Tax documents
- Anything that could compromise a consumer’s identity
Sergeant Shredder Shredding Options
Sergeant Shredder is a full-service mobile shredding company located in Southern California. We service business from Ventura County all the way to the Mexican border and into the desert communities of the Inland Empire. We are a member of The National Association of Information Destruction (NAID) association and we adhere to their ethical standards. Plus, our shredding personnel (all ex-military, ex-law enforcement and ex-firefighters) must pass an extensive background check before training them on shredding compliance.
Rest assured Sergeant Shredder has experience with all types of businesses, including financial institutions and advisors, real estate and titles companies and attorneys. Large or small, we help businesses that regularly handle sensitive consumer information. We help our clients stay FACTA compliant by:
- Travelling to your business location, handling all the heavy lifting and shredding onsite
- Providing secure document bins & consoles to accommodate ongoing shredding needs
- Offering regularly scheduled shredding services
- Sending Certificate of Destruction for compliance documentation
- Recycling all materials to avoid adding to our Southern California landfills
Need help with a one-time purge of old client documents? Or, would regular shredding for FACTA compliance make more sense for your office? Either way, Sergeant Shredder can help. Complete a form or call us for a free, no-obligation quote.
Photo Credit: Simon Cunningham