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Home > Practice Areas > Employment Law > New FACTA regs go into effect
New FACTA regs go into effect
By:
Kimberly Atkins
Published: July 7, 2010
Tags: FACTA, Federal Trade Commission
WASHINGTON – New regulations from the Federal Trade Commission affecting businesses that furnish information to credit reporting agencies went into effect July 1.
Although the regulations under the Fair and Accurate Credit Transactions Act of 2003 were designed primarily to affect banks and credit card companies, they apply broadly to all entities that provide credit information, including employers that use background-screening and reference-checking agencies for employees and job applicants. Such employment verification services are considered consumer reporting agencies under the act.
The regulations impose new obligations on any company that furnishes data to consumer reporting agencies that can be used in consumer data reports. Such data furnishers are required to implement reasonable policies and procedures to ensure the accuracy and integrity of the information and provide a means for subjects of the information to formally dispute the accuracy of the data.
More information about FACTA and its regulations can be found on the FTC’s website.
-Kimberly Atkins
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