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Lead Buzz 07/05

FACTA explained, pregnancy discrimination and more

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This story appears in the July 2005 issue of Entrepreneur. Subscribe »

As of June 1, the Fair and Accurate Credit Transactions Act requires companies to destroy employees' personal information. Companies could face federal fines up to $2,500 and state fines up to $1,000 per violation.

The reasoning behind this law: identity theft, which caused headaches for an estimated 7 million Americans in 2003 alone. Under the new FACTA provision, employers could also pay an employee up to $1,000 in statutory damages on top of state and federal fines if his or her identity is actually stolen.

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