FCRA & FACTA

Easy FACTATM — FACTA Compliance Made Easy

New — Now Includes Risk Based Pricing Requirements

EasyFACTATM is 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 five 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 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

Every covered entity must:

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

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