On December 4, 2003, the Fair and Accurate Credit Transactions Act of 2003,
Pub L. 108-159, 117 Stat. 1952 (“FACT Act”) was signed into
law. The FACT Act amends the Fair Credit Reporting Act
(“FCRA”), 15 U.S.C. § 1681 et seq., by requiring that
“any person that maintains or otherwise possesses consumer
information, or any compilation of consumer information, derived from
consumer reports for a business purpose to properly dispose of any such
information or compilation.” Regulations were added, effective June
1, 2005, to assist businesses in complying with the record disposal rule
imposed by the FACT Act.
