FACT ACT
Fair and Accurate Credit Transaction Act of 2003
The FACT Act Disposal Rule applies to virtually every business and private employer in the U.S. The rule requires these businesses to come into compliance by June 1, 2005 by both adopting and implementing their own document destruction policies or by contracting with a document shredding company or other data destruction company to do so.

The Disposal Rule, which tracks the language of section 216 of the FACT Act, applies to “any person that, for a business purpose, maintains or otherwise possesses consumer information, or any compilation of consumer information.” The entities covered by the Rule would include consumer reporting agencies, resellers of consumer reports, lenders, insurers, employers, landlords, government agencies, mortgage brokers, automobile dealers, waste disposal companies, and any other business that possesses or maintains consumer information. As explained in the NPR and supplemental IRFA, any company, regardless of industry or size, that possesses or maintains consumer information for a business purpose will be subject to the Rule.