FACTA – Fair and Accurate Credit and Transactions Act



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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.

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