The Federal Trade Commission (FTC) recently announced that it will seek comments from the public on its Disposal of Consumer Report Information and Records Rule (or the “Disposal Rule”), which implements part of the Fair and Accurate Credit Transactions Act (FACTA). Under the Rule, companies that receive consumer report information for business purposes must properly dispose of that information by taking reasonable measures to protect it from unauthorized access. The Rule has been in effect since 2005, but the FTC is now seeking comments on the economic impact and benefits of the Rule; possible conflicts between the Rule and state, local or other federal laws; and the Rule’s effect on any technological or other industry changes. The FTC has also asked for public comments on expanding the definition of “consumer information” to include “aggregate information or information that can be reasonably linked to an individual.” Comments must be submitted on or before November 21, 2016.
TIP: Companies that have consumer report information may wish to submit comments prior to the November 21 deadline.