Consumer Report Information Disposal Laws Effective June 1, 2005
The Fair and Accurate Credit Transactions Act of 2003 (FACTA) requires
individuals and businesses that possess or maintain consumer report
information for a business purpose to dispose of it properly. For real
estate professionals, an individual’s credit report and record of
insurance claims are two examples of a consumer report. Any REALTOR®
with consumer information covered by the rule must have procedures
covering the disposal of that information. The rules only apply when you
dispose of the information; you are not required to dispose of the
information.
Resources
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