By: Arthur Cooper
Submitted: 2010-08-26 19:03:58 | Word Count: 664
These days, almost everyone is aware of what a bad credit report or low credit score can do. A poor score can affect the way you live, your ability to purchase a car or home and can haunt you for your life. While many people and companies offer solutions for repairing your credit, learning how to protect your credit may be a better option. In fact, both federal and state governments have developed rules and regulations aimed at helping consumers keep their personal information, and their credit, safe. Leading the way are the business credit card receipt laws in Texas.
Texas has developed a set of laws aimed at keeping consumers credit card information confidential and safe. These laws were written in response to the growing number of identity and credit card thefts. At the heart of the law is a rule that is designed to protect the number that appears on an individual’s credit card. It states, in part, that a business must only print the last four digits of a credit card on a receipt. This prevents a personal credit card number from being unknowingly stolen. The law has likely prevented thousands of cases of fraudulent credit card cases.
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In states that do not have the same business credit card receipt laws as in Texas, you often see more cases of credit card theft. It can happen in less than a minute. Consider the couple on a romantic dinner date. The waiter leaves the check, and the couple pays for it with a credit card. At this point, the information is at risk. The waiter could take a copy of the receipt for later use, complete with the credit information. Conversely, the couple may forget to pick up the receipt, leaving it for anyone to take and abuse. By protecting the majority of the credit card number, Texas has effectively prevented anyone from illegally obtaining the credit card number.
For those of use that live in states that do not offer the same degree of protection as Texas, there are several steps we can take to protect your information. When using a credit card, be sure to always take or destroy the receipt. This step alone will prevent the number from falling into the hands of unscrupulous people.
It is interesting to note that the protection offered by Texas isn’t complete. In fact the business credit card receipt laws in Texas leave one major thing out. Businesses, who use hand written receipts, as well as those who take imprints, are not required to black out any of the information. They are required to keep this information in a ‘safe’ place. While the system is imperfect, it vastly improves the rules and regulations in other states.
As we turn to credit cards more and more we will be forced to reconsider our safety options. Business credit card receipt laws like the ones in Texas may be the first step towards creating rules that guarantee credit cards are always safe and secure.
