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FACTA Survey Results
Below are results for a recent poll of more than 500 small businesses by zTelligence© and Fellowes®. The majority (90%) consisted of nine or fewer employees, and 85.5 percent of the respondents are small business owners.
- When asked what acts or regulations they had heard of, the fewest (13.1%) knew about FACTA.
- 53% had little or no knowledge of FACTA's general principles, and 64% had little or no knowledge of penalties for non-compliance.
- 56.4% were unfamiliar with the types of documents that need to be shredded.
- 58.9% said they didn't know when the legislation went into effect.
- More than one-third said they never dispose of personal information, and those who do don't properly destroy the information before throwing it away.
- Now that FACTA is in effect, nearly 60% said they will shred documents.
- 43.1% said it would be helpful to have more information about the legislation and compliance.
- 34.7% will turn to the Internet for FACTA information.
- Nearly 60% said they would benefit most from having general information on what the legislation entails (28%), and details on what and what not to shred (30%).
- For those who currently dispose of their documents, 58.5% shred, 11.1% burn, 8.3% tear up, and 1.4% pulverize.
- 23% said their company's document destruction policy had recently changed due to either FACTA or the increase in identity theft.
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