Businesses Don't Know the Facts on FACTA Small business owners still need information and education to comply with the act

Businesses Don't Know
the Facts on FACTA

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Small business owners still need information and education to comply with the act

ITASCA, Ill. (September 20, 2005)-More than three months after the latest provision of the Fair and Accurate Credit Transactions Act (FACTA) went into effect, a survey by zTelligence and Fellowes Inc. showed that small business owners are still unfamiliar with FACTA and the significant impact it can have on their business.The results from an online poll taken in July of 2005 of over 500 small businesses found very few businesses are aware of FACTA. When asked what acts or regulations they had heard of, FACTA was recognized by only 13.1% of respondents. Enacted in 2003 with the final provision taking effect on June 1, 2005, FACTA requires all business owners to properly dispose of personal information that is derived from consumer reports. Anyone that does not comply could be subject to penalties if found liable.

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