Commercial Collections Blog

Fair and Accurate Credit Transaction Act (FACTA)

The Fair and Accurate Credit Transaction Act (FACTA) is legislation protect businesses and consumers from identifty-thieves.  

FACTA applies to all businesses who maintain  consumer information for any business purpose.  Failing to properly secure and maintain the information can result in substantial fines and class-action litigation and has  no statutory limitation.  The legislation can hold a company financially responsible for the actual losses to individuals involved.