The Federal Trade Commission has issued its final rule regarding the proper disposal of consumer report information and records under the Fair and Accurate Credit Transactions Act of 2003 (FACTA) and the Fair Credit Reporting Act (FCRA). The final rule, similar to the proposed rule issued in April 2004, will become effective June 1, 2005. The final rule makes minor modifications to the proposed rule, including clarification of the definitions of "consumer information" and "disposal." The rule requires that covered entities "take reasonable measures to protect against unauthorized access to or use of the information in connection with its disposal." The standard for disposal is flexible to allow entities covered by the rule to determine what measures are reasonable based on the sensitivity of the information, the costs and benefits of different disposal methods and relevant changes in technology over time. The rule's flexibility should also facilitate compliance for smaller entiti...
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