Fair and Accurate Credit Transaction Act of 2003 (FACT Act)

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Apr13

Fair and Accurate Credit Transaction Act of 2003 (FACT Act)

Linda Chan

Know More: Employment law 2.0, Employment law

According to the Fair and Accurate Credit Transaction Act of 2003 (FACT Act) and the implementing regulations under 16 CFR Section 682 et seq., employers are required to “properly dispose” of “consumer information derived from consumer reports”.

The regulations define “consumer information” as “any record about an individual, whether in paper, electronic, or other form, that is a consumer report or is derived from a consumer report. Consumer information also means a compilation of such records.” This affects companies that obtain background checks or employment investigations since such reports contain information on a consumer’s credit, character, general reputation, or lifestyle.
The FACT Act requires employers to take reasonable measures to protect against unauthorized access to or use of the consumer information by disposing it through means such as shredding, erasure of electronic media, and outsourcing disposal to record destruction companies.

Since failure to comply with the FACT Act could expose employers to civil liabilities and penalties, employers might review its practices regarding employee investigations and background checks, monitor its procedures relating to the storage, protection, and use of employee personally identifiable information, and implement procedures on security breaches.

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