Federal Law Requires Dealers to Properly Dispose of Consumer Info

[2005; R-2013 | Keywords: Business, Operations, Consumer Information] In order to protect against the growing problem of “dumpster diving” and the resulting identity theft and other consumer fraud, all dealers will be required to properly dispose of certain consumer information they maintain or possess, including credit reports regarding individual customers, and even the results of background checks in connection with their hiring process. This new law, which is part of the federal Fair and Accurate Credit Transaction Act (“FACTA”), took effect June 1, 2005. “Consumer information” is defined broadly as “any record about an individual, whether in paper, electronic, or… Read More »