Privacy and Legal Issues
The Fair and Accurate Credit Transaction Act was signed into law in 2003 and requires every business or organization that has documents with Consumer Information to destroy these documents before disposal.
Beginning June 1,2005 the FACTA Rule says that "any person who maintains or otherwise possesses consumer information for a business purpose" must destroy discarded consumer information, whether in paper or electronic form
FTC Disposal Rule which defines disposal of documents containing consumer information as burn, pulverize or SHRED papers so the information cannot be read or reconstructed.
FACTA also says that is is not enough to turn your paper over to a contractor, you must do your due diligence sufficient to warrant a belief that the contractor will destroy the paper in a secure way.
The Health Insurance Portability and Accountability Act was signed into law in 1996 and requires any healthcare provider, institution or company to properly destroy any documents containing healthcare information by burning or SHREDDING.
The Financial Modernization Act of 1999 also known as the GLB Act requires financial information held by financial institutions be protected and each financial institution is required to describe how they will protect the confidentiality and security of this information.