What is the Fair and Accurate Credit Transactions Act (FACTA)?
The Fair and Accurate Credit Transactions Act (FACTA) is a piece of legislation passed by the federal government in 2003. FACTA was created to protect consumers from identity theft, improve the accuracy of consumer credit records, and provide consumers with more control over how their personal information is shared with third parties. FACTA sets several standards for financial institutions and organizations, such as credit and debt collecting agencies, to ensure that they properly safeguard the consumer’s personal identity information. Specifically, FACTA requires them to limit their disclosure of this information to third parties, and to provide consumers with the ability to opt out of having their information shared. Further, FACTA requires these organizations to implement measures to make sure that any sensitive information they handle is secure, and to immediately destroy any paper and electronic copies when they are no longer necessary. FACTA is an important piece of data security law in Idaho, because it ensures that consumers’ personal information is protected, and that they have more control over how their data is used and shared. This law helps to ensure that organizations handle consumer data responsibly and do not misuse or abuse it, and helps to protect both consumers and businesses from identity theft and other cyber crimes.
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