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CBIA News reports that a new federal rule that took effect June 1, 2005 requires you to shred or otherwise destroy any consumer-report information before disposing of it. The rule applies to both paper and electronic files. Intended to reduce the risk of fraud and identity theft, the disposal rule contained in the Fair and Accurate Credit Transactions Act of 2003 (FACTA) requires reasonable and appropriate disposal practices for consumer report information. The rule applies to anyone who uses a consumer report for a business purpose. Examples include employers, consumer reporting companies, lenders, insurers, landlords, government agencies, mortgage brokers, car dealers, attorneys, private investigators, debt collectors, and service companies that maintain information in consumer reports for other organizations covered by the rule. FACTA defines “consumer report” as information obtained from a consumer reporting company that is used or expected to be used in establishing a consumer’s eligibility for credit, employment or insurance, among other purposes. Examples of consumer reports include credit reports; credit scores; and reports businesses or individuals receive with information relating to employment background, check writing history, insurance claims or medical history. The standard for the proper disposal of the information is flexible. Anyone covered by the rule is allowed to determine what measures are reasonable based on the sensitivity of the information, the costs and benefits of different disposal methods, and changes in technology.
According to the Federal Trade Commission (FTC), reasonable disposal measures could include:
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Burning, pulverizing or shredding papers so that the information cannot be read or reconstructed;
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Destroying or erasing electronic files or media so that the information cannot be read or reconstructed; or
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Conducting due diligence and hiring a document-destruction contractor to dispose of material specifically identified as consumer report information.
The FTC’s disposal rule was published in the Federal Register on Nov. 24, 2004, and is available at
www.ftc.gov/os/2004/11/041118disposalfrn.pdf
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| The U.S. Congress recently passed legislation which makes paying for medical expenses much more affordable for consumers. As of January 1 2004 the new law provides broad access to Health Savings Accounts, which allow consumers to pay for qualified medical expenses with pre-tax dollars (income-tax free) and save for retirement on a tax-deferred basis. Connecticut has also finally passed legislation allowing the type of insurance policy required to be available. A Health Savings Account (HSA) is a tax-favored saving account that is used in conjunction with a high deductible HAS-eligible health insurance plan. In order to have a Health Savings Account, you must get an HAS-eligible health insurance plan. This type of insurance plan is often referred to as a High Deductible Health Plan, and is typically less expensive than plans with lower deductibles. ConnectiCare will be introducing a plan for an October First start date. Please call the Chamber office for a list of our insurance brokers. |
| The Plainville Chamber of Commerce Discount
Card Program is designed to encourage
commerce between all member companies and their
employees. The program provides members with the
opportunity to offer their goods or services at
a specified discount to fellow Chamber members.
It is not intended to endorse a particular
product or member firm. We accept and offer
discounts in good faith and strongly suggest
that it is in your best interest to make every
effort to check offers personally. To be
eligible to offer a discount, the company must
be a Chamber member in good standing and
complete and sign the agreement attached to this
newsletter and mail or FAX it to the Chamber
Office.
The Chamber
Card pamphlet will be published annually on July
1st. All discounts will be applicable
for the entire year unless otherwise stated. All
discounts are to be specific discounts for Chamber
members and should not include standard discounts
or practice. |
