Monday, May 29, 2017

What to Shred

Laws addressing proper destruction of documents and data breeches vary from state to state. Check with an attorney or government regulations in your state for specific guidelines and retention policies. 

- Privacy laws are established to protect individuals and their personal information. Information which should be shredded include deeds, wills, pleadings, confidential papers, briefs, testimonies, internal memos, and client lists.

Medical & Health Care – While shredding is not a requirement for disposal of medical records by HIPAA, it is recommended as one way to safeguard data in order to "reasonably" comply. Also take notice of HIPAA 5010 which went into effect in 2012 which changes the way electronic transactions are handled. 

Financial – The GLB (Gramm-Leach-Bliley) Act of 1999 allows financial institutions to consoldiate their banking and investment offerings. The GLB Act requires those companies to safeguard their customer records. Penalties for noncompliance can extend up to $100,000 per violation. Documents such as bank statements, contracts, credit reports, delinquent accounts, cancelled checks, dividend reports, company profiles, and loan information, should be properly shredded and destroyed after use.

Government – The Federal Privacy Act was established to protect the privacy of businesses and individuals.

General Office - Legal Medical & Health Care Financial Government General Office – The Fair and Accurate Credit Transactions Act (FACTA) requires that all businesses, regardless of size or industry, dispose of clients’ and customers’ personal data in a secure and responsible manner. Some of those documents include personnel records, education records, background checks, manuals, training materials, Human Resource materials, contracts, payroll, applications, executive correspondence, internal communications, bids, accounting records, price lists, customer lists, sales and marketing campaigns, investment statements, sales call reports, shipping data, phone log messages, drafts of letters, customers’ addresses, social security numbers, purchase orders, and drafts of contracts.

Residential – Identity Theft affects over 9 million Americans each year. If someone steals your identity, you could be denied loans or even be prosecuted for a crime you didn’t commit. Documents which should be shredded include bank records, paystubs, credit cards, credit card offers and convenience checks, investment statements, old tax records, canceled checks, old photo ID's, old insurance policies, and outdated bills.