Fair and Accurate Credit Transactions Act (FACTA)
What is the Fair and Accurate Credit Transactions Act (FACTA)?
FACTA is the Fair and Accurate Credit Transaction Act. This is a federal law that applies to every business in the great state of California and throughout the United States. FACTA was created to reduce and eliminate the risk of fraud as well as identity theft. Any business or company that incorrectly disposes of confidential information can be subjected to extremely high fines of up to $2500 per file.
Who is subject to FACTA Compliance?
This is a federal law that applies to every business in the great state of California and throughout the United States. Virtually all organizations in California must comply with FACTA. As a business owner, it is your obligation to protect private information surrounding your employees and customers. Systems that print payment card receipts must employ PAN truncation (personal account number truncation) so that the consumer’s full account number isn’t visible on the slip. There are significant penalties for merchants who do not comply and expose too much credit card information.
What are my Rights Under FACTA?
As a consumer, this legislation gives you unique tools to fight identity theft and provides you with ongoing access to the most dynamic credit markets across the world. You may request credit reports from the three major credit reporting agencies, and receive these at no charge. Consumers can place an alert message on their files if they suspect they have been victims of fraud. Under FACTA, corporations are mandated to properly dispose of your sensitive information to protect your information, preventing unauthorized exposure. You also have the right to be informed of any suspicious activity or acts of information theft immediately.
Who does FACTA Protect?
FACTA (Fair and Accurate Credit Transactions Act) is an amendment to FCRA (Fair Credit Reporting Act ) that was added, predominantly, to protect consumers from the risks of identity theft.
Why is FACTA Important?
Credit is simply crucial when it comes to qualifying for a mortgage because it impacts the specific terms of your mortgage. Good credit can have a significant impact on the process, whether you are financing a home or purchasing a new home. There’s a reason you hear a lot about the importance of your credit score, and that is one of the major aspects that lenders analyze to determine whether or not you qualify for a loan. If you fall victim to identity theft, this can have a major impact on your credit score and could determine whether or not you receive financial assistance. After noticing this negative impact, a new law was introduced in 2003 to combat identity theft; The Fair and Accurate Credit Transactions Act. (FACTA). Since implementation, FACTA has implemented a series of rules meant to help you, the consumer.
Where can I find more information about FACTA?
To learn more, visit this link: https://searchfinancialsecurity.techtarget.com/definition/PAN-truncation
What People Are Saying About PROSHRED®
I just came from Proshred in Pleasanton, was greeted so warmly and kindly by the receptionist, gave me instructions on what to do, drove to... read moreI just came from Proshred in Pleasanton, was greeted so warmly and kindly by the receptionist, gave me instructions on what to do, drove to the back of building, was greeted by the owner, I believe April was her name and she was so kind, informing and professional. She took care of the process and reasonably priced, for sure my go to place from now on. read less
Rodney Figueroa6/04/2019I have to arrange shredding for clients who are serviced in many locations. Proshred San Francisco Bay Area gives them amazing service at great value... read moreI have to arrange shredding for clients who are serviced in many locations. Proshred San Francisco Bay Area gives them amazing service at great value which gives me peace of mind. I have no hesitation recommending them to any of my clients. read less
S D Bryerman1/31/2016Pro shred pleasanton fantastic company Pro shred employee great Worker fast and efficiency. Super job well maintainedEquiptment real nice job Today !I highly reccomend.give themA... read morePro shred pleasanton fantastic company Pro shred employee great Worker fast and efficiency. Super job well maintainedEquiptment real nice job Today !I highly reccomend.give themA try you will like.the guy that serviced us did very nice jobHard worker seem dedicated clean cut and fast and friendly ! read less
Jim Feaster4/22/2019We do an annual Shred Event for our real estate business, and this Pro Shred operation is the perfect business partner. Locally owned, Mike and... read moreWe do an annual Shred Event for our real estate business, and this Pro Shred operation is the perfect business partner. Locally owned, Mike and his crew run a top notch business. Professional, the best trucks and equipment, always on time, everyone is so friendly - this is why we love and support local businesses. Keep up the great work! read less
Carol5/23/2017It is very rare to find a company that actually does what it says it is going to do. To feel like your presence is... read moreIt is very rare to find a company that actually does what it says it is going to do. To feel like your presence is welcome and not just your money. When I contacted Proshred, I just wanted better security protocols for my company but what I got was someone who cared about our company. I got the president of the company to contact me directly. He was the one who sent me the estimate, scheduled the time and showed up at my door. He was so cheerful and passionate about his business. And; that is so rare to find. He gave me a brief overview of the protection that my company should have, delivery details and a quick contract. If I have any issues? I have the direct contact information for the President of the company. That is beautiful!!! It is a small business, but it is definitely worth looking into. I love, love, love the fact that I got a response so quickly and my company feels valued. Thank you!!!! From your friends at Stella & Dot, San Bruno, CA. read less
D N2/08/2014