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Red Flag Compliance Made Easy

‘Red Flag’ rules require creditors and financial institutions to adopt identity theft prevention programs. The Federal Trade Commission delayed enforcement of the new “Red Flags Rule” until January 1, 2011, to give creditors and financial institutions more time to develop and implement written identity theft prevention programs.

 Since 2011, more than 2,000,000 entities have been required to comply with FACTA section 114 commonly referred to as the Red Flag Rules including,

  • Banks, Savings & Loans and Credit Unions
  • Mortgage Lenders and Brokers
  • Consumer and Student Loan Lenders
  • Auto and Motorcycle Dealers
  • Utility Companies, Cell Phone Providers and Other Creditors

Every covered entity is required to,

1)  Perform a risk assessment, identifying all covered accounts
2)
 Identify all relevant red flags and implement appropriate detection and response procedures
3)  Develop, gain approval for and deploy your written identity theft prevention and training program
4)  Train appropriate staff on your Red Flag detection and response procedures
5)  Thereafter, review and update your compliance program at least annually

The EasyRedFlag Webinar makes FACTA Red Flag compliance easy

Credit Technologies provides a simple, free way for mortgage professionals to learn how to comply with FACTA section 114 (commonly referred to as the “Red Flag” rules.) EasyRedFlag is a fully interactive webinar-style training course designed to dramatically simplify FACTA Red Flag compliance – and is provided free of charge to all Credit Technologies members. This interactive online course teaches you how to comply with FACTA Red Flag including:

  • Covered accounts – How to develop the required detection, response and mitigation methods
  • Required procedural and training documents – Implementing the annual update requirements
  • Simple, free online solutions and templates to create the needed documents and processes
  • State and Federal enforcement and penalties for non-compliance

“Every mortgage professional should attend this webinar to understand the requirements, and a simple way to comply.

The EasyRedFlag Webinar runs about 45 minutes with lots of Q&A time at the conclusion to address your specific questions and concerns. Register for an upcoming webinar

For more information on Red Flag compliance, or any mortgage credit, FICO scoring or other mortgage related information, please call 800.445.4922 option 1 or send us an email

Additional resources on Red Flag requirements and FACTA section 114 include,

FTC Red Flag How-to Guide for Business

Sample Experian Level One Authentication
FTC Bulletin Describing Red Flag and it's Requirements
Examples of 26 Red Flags
The Red Flag Rules and Requirements (56 pages)

 

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