Fred Harteis News - Shredding can save you from identity theft

Fred Harteis News Articles - Got any secrets?

Sure you do. How about your bank and credit card statements? Personal bills, canceled or blank checks, investment information and financial statements? And, then there are medical records, income tax records and credit reports.

Do you simply toss them in the trash when you no longer need them for your records? If so, you need to change your modus operandi. Start shredding.

Anything you wouldn't feel comfortable having someone pick up and read, you should shred, says Jerry Haas, vice president of sales and marketing for American Document Destruction Corp.

Criminals need very little information to steal your identity. With your Social Security number they can apply for credit cards, cellular phones, loans, bank accounts, apartments and utility accounts.

Garbages hold a plethora of information. Once your Social Security number or an account number hits the dumpster, your identity is floating among the refuse, just waiting to be stolen. Shredding is a minimal inconvenience and minor expense compared to its alternative -- becoming an identity theft victim.

The Federal Trade Commission issued the Fair and Accurate Credit Transactions Act in 2003, a law aimed at minimizing the risk of identity theft and consumer fraud. In November 2004, the FTC added the FACTA Disposal Rule to enforce the protection and disposal of sensitive consumer data.

Beginning June 1, 2005, the FACTA Disposal Rule says that "any person who maintains or otherwise possesses consumer information for a business purpose" must destroy discarded consumer information, whether in paper or electronic form.

Who must comply? Simply put, virtually everyone. Any business (whether employing one or thousands) using consumer information in its everyday operations or storing personal data as a business, such as banks, lenders, insurers, auto dealers, real estate agents, employers and record management companies, must safeguard consumer information. The new law also applies to service providers that destroy information, from shredders, recyclers, waste management or technology disposal companies.

The disposal rule offers business owners a few choices. They must burn, pulverize or shred paper documents and completely erase or destroy all electronic media. Or, they can contract a third-party information-destruction company.

Financial documents aren't the only items that should be destroyed rather than tossed out with the trash.

Bank information
Budgets
Canceled or blank checks
Credit card offers
Credit card information
Employee evaluations
Financial statements
Income tax records
Insurance coverage
Investment information
Legal papers
Medical records
Personal bills

Source: Cnn.com

About Fred Harteis: Fred Harteis leads Harteis International. Fred Harteis has a background in agriculture and has created many successful business ventures.