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Red Flag Compliance Made Easy - Register for EasyRedFlag Today

Updated May 30, 2010 - EasyRedFlag is now part of ≥Comply

EasyRedFlag is now part of ≥Comply, a turn-key solution for FNMA LQI, Red Flag and FACTA required disclosures...Learn more at www.easyLQI.com

The FTC has granted four delays of enforcement of ‘Red Flags’ rule requiring 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.

More than 2,000,000 entities are required to comply with FACTA section 114 commonly referred to as the Red Flag Rules no later than 11/1/2008 5/1/09 8/1/2009 11/1/2009 6/1/2010 1/1/2011 including all,

  • 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

By January 1, 2011, every covered entity must,

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 mortgage professionals. 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 at  http://credittechnologies.com/RFregistration.asp.   

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 new
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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