"May 1st was the deadline for U.S. financial institutions and creditors to comply with the "Red Flag" regulations adopted by the Federal Trade Commission - an extension from the previously announced November 2008 deadline. Every business that furnishes goods or services on a delayed-payment basis is required to develop and implement programs designed to detect, prevent and mitigate the effects of identity theft. Written by Charles H. Kennedy, Of Counsel, Morrison and Foerster LLP, this white paper clarifies requirements of the Red Flag regulations and offers guidance for how impacted businesses can prepare," says Iron Mountain.
For more information, go to Iron Mountain's web site at http://imknowledgecenter.com/detail.asp?cId=148&pid=1&tyId=4&hId=
So Lenders, what's your game plan? How are you keeping your clients' confidential data safe?
I teach a CE accredited course, certified by the California Dept of Real Estate, that shows real estate offices, agents, and lenders HOW to protect their clients' confidential data. If you're interested in some tips, give me a call! I'll be happy to help you.
Regina P. Brown
Broker, Realtor®, e-Pro
Author of eBook "Stop Foreclosure Fast: Solutions to Save your House"
Author of forthcoming book, "Virtual Office Guide for Business Professionals: Work & Profit from Home"
Join & post to my NEW ActiveRain group at http://activerain.com/groups/virtualoffice
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Text copyright © 2009 R.P. Brown, All Rights Reserved
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ePro Realtor® and Broker, R.P. Brown Real Estate, California's Central Coast. Also an author, trainer, and consultant.
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With all the companies out there asking for my SSN and then with some of them "losing" my applications, I must wonder what they are doing to protect my ID. I've tried asking only to be looked at like I'm a crackpot.
Regina...
This is a subject that is near and dear to my heart. Thanks for this timely information!
Individual landlords are NOTORIOUS for not following the FTC/FACTA rules and many are no longer able to get access to applicant credit report....safeguarding tenant information is a PRIORITY and should be for all real estate professionals.
Thanks for the post!!
I've seen mortgage lenders who closed their offices in the last few years, take their boxes of mortgage app's and throw them in the trash dumpsters behind their offices.... confidential info and all! Now that's scary.
While none of us can completely PREVENT from becoming a victim of ID theft, we can take steps to minimize it from happening. And we can enroll in a protection plan like Identity Theft Shield (from Pre-Paid Legal) in which pro's go to work to solve ID theft problems if you do become a victim.
Thanks for sharing the information. I was not aware of the changes as of May 1. I'll pass on to my office, although we do not do lending.