There are a few important rules you need to follow. They ensure your compliance with credit reporting and handling customer data.
These policies are outlined by The Fair Credit Reporting Act (FCRA). Also, they’re regulated by the Fair and Accurate Credit Transactions Act of 2003 (FACTA).
The laws work in tandem. Together, they make sure that the confidential information of consumers is properly managed.
The federal government enacted FCRA to help individuals access their own files. These include those managed by companies providing consumer reporting services.
FACTA was put in place to amend the FCRA. Truthfully, it expands how the law manages the disclosure and disposal of private information. Also, the amendment now includes policies.
These rules outline what information can be included in a consumer report. Additionally, it includes a modification concerning the handling of consumer report disputes.
Here is a summary of the guidelines for properly disposing of customer data:
Any company managing or possessing confidential consumer information is required, by law, to properly discard the data. This must be done in a certain way.
It prevents unauthorized individuals from accessing the information. Also, these protections should safeguard against unauthorized access to these documents. This is the case; even after they’ve been tossed.
The best way for a company to dispose of confidential information is by working with a commercial partner. The company should be certified in document destruction techniques.
Plus, they must provide an audit upon request. That, in turn, proves that the data was not accessed at any point during the destruction process.
Under the FACTA law, there are document destruction compliance requirements. The document shredding, burning, or pulverizing process ensures that none of the information can be restored.
Additionally, the law also applies to electronic records that need to be discarded. Companies must completely erase any electronic data files.
This is especially the case if they contain consumer information. Also, these files should be destroyed in a way that prevents reconstruction.
Companies must do their due diligence. They need to properly monitor contracts with commercial shredding partners.
Actually, businesses should occasionally check the commercial shredding company. You need to ensure they are in compliance with the document disposal agreement.
Are you looking for Florida document shredding? If so, ShredQuick can help you destroy data in a safe, secure manner.
Plus, we offer mobile shredding services that ensures complete bulk document disposal, at your convenience.
Give us a call at 866-934-3300 for your quote!