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FACTA: Important Information

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Represents FACTA Fair and Accurate Credit Transaction Act. Learn more about this with actress. FACTA is the law that allows any American access to your credit report once a year. The law came into force on January 1, 2005. So what does this mean for you as an employer? On June 1, 2005, a new provision of FACTA goes into effect. He says that any employer (even if you only employ one person, and that your personal information for you to pay social security taxes), whose action or inaction resulted in the loss of employee information, can be fined by the federal government and state, and sued in civil court.

An article in USA Today FACTA of 14 January. 2005, said: "I bet you did not know." But you need to know, and we need to know what you can do to protect themselves. Small businesses most affected "a small businessman who makes a mistake could bear the weight of a regulation like this," says James Plummer, policy analyst at Consumer Alert, a nonprofit group that focuses on free-market approach to consumer regulations. USA Today's article continues, "if not shred and information comes out, there are no sanctions." But what if it does destroy all the information of potential employees, and take all necessary precautions to safeguard your employees' past, present and future ", and the information still out in some way? Under FACTA, you still can be held responsible. Can not think information theft could happen to you, but even this short list of companies, universities, government institutions, and companies that have employee or customer information stolen from them: DSW Shoe Warehouse University Lexis Nexis of Northern California Colorado State University (Chico) The University of California? Berkeley University of Maryland Las Vegas Department of Motor Vehicles Bank of America Choice Point Weld County (CO) Employees (information stolen by an inmate in jail) How can you as an employer, minimize your liability? There are hundreds of things you can do to minimize liability, which are probably things you already do.

Written by Minna

September 14th, 2017 at 12:41 pm

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