I?ve Heard About FACTA; What Does It mean?

What FACTA means is that if you, as an individual, lose the information on anyone you have ever hired; or, for any business in the United States of America that collects any personal information on people, if the information should be lost due to not destroying the information properly, then two things can happen. First, there are federal fines of up to $2,500.00, and state fines up to $1,000, per employee, per incident. Second, the business is liable for any damages the individual suffers as the result of a breach of information.

Take an example that the company loses information due to negligent destruction (i.e. you don't own a shredder and throw the information into the dumpster). Nothing in FACTA really determines what the employee has to do to prove "negligent destruction" on the part of the employer, so an employee could simply state that the employer had lost the information, and even if the employer had burned the information into ashes, it would be up to the employer to show that the information had not gotten out due to his or her company's negligence.

Business Week says that the average damages for Identity Theft victims are $92,000.00 and up per person. Using this statistic, if you have 10 employees lose their identities, then on average, your liability is $920,000.00. Statistically, you are responsible for an average of 75 bad checks and 8 credit cards per employee. The average Identity Theft victim also spends 600 hours getting their credit restored, which means that you will have 600 hours per employee, so potentially 6,000 hours for 10 employees, which you will be responsible for paying employees who aren't even at work, because they have taken time off to deal with the Identity Theft.

According to John Gardner, co-author of Chicken Soup for the Entrepreneurial Soul, "The damages are devastating to any business."

There are many problems related to people's identities that don't deal with credit issues. Contrary to popular belief, only 26% of identity theft issues relate to credit issues. The other 74% of the issues, according to Gardner, are related to the following four areas:

Someone stealing your DMV record. Example: An identity thief wants to drive under your employee's name instead of theirs. This will help the Identity Thief to not get caught in cases of DUI, unpaid speeding tickets, etc. Your employee is then blamed for their driving record.

Someone stealing your MIB record. This is your Medical Information Bureau Record. Example: An Identity Thief wants to have an AIDS test done in your employee's name, rather than theirs, or have their prescriptions filled using your employee's Medicaid or Medicare benefits

Someone stealing your character identity to commit a crime in your name. Imagine this ? your future employee comes to your child care facility, and everything sounds good about this candidate. However, you run a criminal background check, and find out that they have three arrests for child pornography and one for drug trafficking to minors. You bring the record to their attention, and they insist it's not them.

Your employment record. Example: An Identity Thief wants to earn income using your employee's social security number, but let your employee pay taxes on the money they earn.

As a result of this, Gardner says that "Businesses need to offer 24 hour per day, 7 day per week access to attorneys?.I think that the danger is so large to any business, that they may want to [pay for] some of the cost of this, to encourage the employees to get the benefit?If a business does not understand that they need the help, they are living in a dream world."

Employers should also offer some sort of Identity Theft protection, and ongoing background monitoring. This can be offered as a voluntary benefit which has no real cost to the employer, as a fringe benefit paid by the employer, or can be a combination of both. When an identity thief uses your employee's information, (for example an identity thief takes the employee's current address, and uses it as their previous address when they apply for a mortgage,) ongoing background monitoring will notify your employee when the identity theft happens.

Most people don't find out that they have become victims until that Identity Thief, who has used your employee's credit to finance their mortgage, stops paying bills, is picked up for a crime, or doesn't pay taxes. Ongoing monitoring provides an early warning system, so that your employee will be able to call an expert who can correct the problem when it takes place. This will save your employee's time, and limit the losses your employee will incur as a result of the breach of their information. This will also save you the costs associated with the frustration and lack of ability to pay attention as work.

Even if your employees don't elect to have the benefits of legal services and identity theft protection, having a mandatory meeting where employees hear that you have made this coverage available to them will provide an affirmative defense, should an employee ever accuse you, as the employer, of having lost their personal information.

Under FACTA, access to an attorney and credit restoration, are benefits that employers need to offer. Ongoing background monitoring will mitigate damages that the employee can experience because the early warning system will be in place to handle the issues. Access to an attorney and credit restoration will drastically reduce the time the employee spends away from work dealing with the issues surrounding identity theft and other personal legal problems.

Failure on the part of an employer to offer this benefit leaves a company exposed to thousands (and even millions) of dollars in potential damages, and leaves employees subject to the time, frustration, and headaches associated with being a victim of Identity Theft.

Jonathan Kraft is a benefits consultant who specializes in educating people about how they can get affordable access to the legal system. Because of his work in the field of electronic Identity Theft, he has come to be known as Colorado's Foremost Expert on Computer Related Identity Theft. To schedule a time for Mr. Kraft's company to present Identity Theft and Legal Service protection to your employees, please contact him at (877) 825-7119. You can also find out more on the web at http://www.strive4impact.com/group

---

Google News Updated : Sat, 06 Sep 2008 20:07:30 GMT Obama, McCain to Honor Victims of 9/11 Together - Voice of America ABC News Obama, McCain to Honor Victims of 9/11 Together Voice of America - 1 hour ago By VOA News US presidential candidates Democrat Barack Obama and Republican John McCain have agreed to appear together on September 11, the seventh anniversary of the terrorist attacks in New York and Washington. Conventions, Anything but Dull, Are a TV Hit New York Times Comment by John S. Baick Professor of History, Western New England College Newsday - CNN - Argus Press - Bloomberg all 4,236 news articles Publ.Date : Sat, 06 Sep 2008 19:01:14 GMT Boeing Machinists Take To Picket Line After Talks Collapse - CNNMoney.com Washington Post Boeing Machinists Take To Picket Line After Talks Collapse CNNMoney.com - 1 hour ago NEW YORK (AFP)-- Boeing machinists took to the picket line on Saturday as they launched a strike that has halted production and could cost the US aerospace giant more than $100 million per day. Low strike pay could limit length of Boeing work stoppage BloggingStocks Boeing machinists walk off the job MarketWatch Wall Street Journal - New York Times - AHN - Reuters all 2,440 news articles Publ.Date : Sat, 06 Sep 2008 18:46:08 GMT 'Wrestler' brings Venice fest to its feet - Hollywood Reporter Hollywood Reporter 'Wrestler' brings Venice fest to its feet Hollywood Reporter - 52 minutes ago By Eric J. Lyman VENICE -- "The Wrestler" was the toast of the Lido on the Venice Film Festival's penultimate day, with star Mickey Rourke's interpretation of an aging wrestler struggling to come to terms with the end of his career creating a buzz that ... 'The Wrestler' wins Venice Film Fest top award The Associated Press Mickey Rourke in The Wrestler. TIME Bloomberg - Reuters - Monsters and Critics.com - Los Angeles Times all 327 news articles Publ.Date : Sat, 06 Sep 2008 19:14:35 GMT "Bangkok" a skillful action excursion - Reuters E! Online "Bangkok" a skillful action excursion Reuters - 15 hours ago By Stephen Farber LOS ANGELES (Hollywood Reporter) - Everything is relative in the realm of hyperviolent movies, and compared to this summer's other assassination thriller, "Wanted," "Bangkok Dangerous" is a model of restraint and moral rectitude. 'Dangerous' prosperous at box office Variety An Assassin Arrives to Turn Off the Lights New York Times Boston Herald - Boston Globe - Roanoke Times - Buffalo News all 251 news articles Publ.Date : Sat, 06 Sep 2008 04:41:52 GMT McCain, Obama battle over economy, leadership - AFP Telegraph.co.uk McCain, Obama battle over economy, leadership AFP - 51 minutes ago COLORADO SPRINGS, Colorado (AFP) - Economic issues dominated the campaign trail Saturday as presidential hopefuls Barack Obama and John McCain battled over who could best lead the nation in troubled times. Reuters Politics Summary Washington Post Barack Obama, John McCain say they hate meddlers ... but both ... Los Angeles Times Intellectual Conservative - WGN - Financial Times all 650 news articles Publ.Date : Sat, 06 Sep 2008 19:15:37 GMT Journals week in review: news from One Microsoft Way - Ars Technica Washington Post Journals week in review: news from One Microsoft Way Ars Technica - 1 hour ago By Emil Protalinski | Published: September 06, 2008 - 01:15PM CT First Gates-Seinfeld ad leaves us scratching our heads. The first Jerry Seinfeld and Bill Gates ad has arrived. Seinfeld ads only part of Microsoft push United Press International Windows Vista: The OS About Nothing InformationWeek New York Times - Slashdot - Apple Insider - CRN all 499 news articles Publ.Date : Sat, 06 Sep 2008 18:27:03 GMT Buckeyes survive Ohio's threat, 26-14 - The Associated Press The Associated Press Buckeyes survive Ohio's threat, 26-14 The Associated Press - 35 minutes ago COLUMBUS, Ohio (AP) - Beanie Wells didn't play. The Ohio Bobcats sure did. Lightly regarded even in the Mid-American Conference, Ohio put a scare into No. Ohio State Football: OSU 26, OU 14 The Plain Dealer - cleveland.com Posted by ESPN.com's Adam Rittenberg ESPN USA Today - Columbus Dispatch - Chillicothe Gazette - SBR Forum all 172 news articles Publ.Date : Sat, 06 Sep 2008 19:31:47 GMT RSS Feed Reader Increase Traffic

PARLOT::Ebooks, Scripts, Websites, and more...

Adsense websites

Beware of Falling Minimum Payments

If you opened a credit card statement recently and were... Read More

Convenience Can Be Costly

You've just opened your credit card bill and attached to... Read More

Debt Collection Agencies

Debt collection agencies are often a viable option for receiving... Read More

Credit Report ? How Your Credit Score is Determined

Most consumers are aware that they have something known as... Read More

Credit Report ? Watch Out for Parking Tickets

The economic downturn of the last five years has affected... Read More

My Student Credit Card Adventure

And some practical advice too!My first credit card?I remember my... Read More

Will Inquiries Lower Your Credit Score?

What are inquiries?When you apply for credit the creditor or... Read More

Beware the Shopping Mall Monster

Like me, you've probably been offered a fair old number... Read More

Ways to Look Good without Selling Your Soul to the Credit Card Sharks

1. Buy clothes at thrift stores. BEFORE you buy them,... Read More

Student Credit Cards

STUDENT CREDIT CARDS With graduate debt averaging... Read More

Credit Repair Scams

"Erase Bad Debt !""Remove Negative Items From Your Credit Report"You've... Read More

Consumer Credit Reports

A consumer credit report is a factual record of an... Read More

Credit Card Dirty Tricks

There are many of us that have been badly stung... Read More

Credit Help For Renters And Others On The Horizon

Sue is a homeowner and pays her mortgage and other... Read More

Credit Card Shocker

Have you ever looked at your credit card statement? I'm... Read More

Finding Reputable Credit Card Companies

You're interested in getting the best credit cards for your... Read More

Why Is It important!

Your credit is the most important thing you have other... Read More

Compare Credit Card Offers and Reward Yourself

Here's a simple system on how to pay zero interest... Read More

The Truth About Credit

What you might not know about credit.Some people don't know... Read More

The Best Strategy To Erase Credit Card Debt

Credit card debt is a growing sickness in the United... Read More

Credit Card Benefits and Drawbacks

Credit cards have both benefits and drawbacks. It is wise... Read More

Opting For A Credit Card? Check Out Certain Terms

You've just received a "pre-approved" credit card offer in your... Read More

Restore Your Credit Rating And Reduce Your Debts

Your credit rating affects many areas of your life. Opening... Read More

10 Ways To Boost Your Credit Score

1. Deleting Errors in 48 HoursThis is the absolute fastest... Read More

Debit Card vs. Credit Card, What Are The Differences ?

Ah, the "good old days". If you are a baby... Read More