FACTA, the Fair and Accurate Credit Transaction Act of 2003 is a FEDERAL LAW. It is designed to reduce the risk of Consumer Fraud and Identity Theft, created by improper disposal of consumer information. FACTA will help educate and protect Businesses and Consumers. For example, consumers will have the right to one free credit report annually from the national repositories and national specialty credit reporting agencies. President Bush signed the FACTA Law on December 4, 2003. This legislation contains significant amendments to the Fair Credit Reporting Act on a broad scope of topics and issues.
The HIPAA, passed in 1996, was designed to protect patients’ confidential information. Patient information maintained by healthcare providers, healthcare institutions and health insurance companies is regulated by this Act.
The Financial Modernization Act of 1999, or Gramm-Leach-Bliley Act (GLB) set guidelines for the handling of financial information held by financial institutions.This act likely affects your business if you handle customers’ financial information.