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Is the Government Undertaking Something To Protect You From Identity Theft?

The Federal Trade Commission (FTC) as well as the federal economic institution regulatory agencies have sent towards the Federal Register for publication final guidelines on identity theft ‘red flags’ and address discrepancies. The final rules implement sections 114 and 315 of your Fair and Correct Credit Transactions Act of 2003.

In accordance with a report from the President’s Identity Theft Task Force, identity theft (a fraud attempted or committed employing identifying information and facts of yet another individual without having authority), leads to billions of dollars in losses every single year to individuals and organizations.

The final guidelines demand every single economic institution and creditor that holds any consumer account, or other account for which there’s a reasonably foreseeable risk of identity theft, to develop and implement an Identity Theft Prevention System for combating identity theft in connection with new and current accounts. The Plan must consist of reasonable policies and procedures for detecting, preventing, and mitigating identity theft and enable a financial institution or creditor to:

Determine relevant patterns, practices, and precise types of activity which might be ‘red flags’ signaling possible identity theft and incorporate those red flags into the Program;

Detect red flags which have been incorporated in to the System;

Respond appropriately to any red flags which can be detected to prevent and mitigate identity theft; and

Ensure the Plan is updated periodically to reflect changes in risks from identity theft.

The agencies also issued guidelines to help financial institutions and creditors in developing and implementing a Program, like a supplement that offers examples of red flags.

The final guidelines also demand credit and debit card issuers to develop policies and procedures to assess the validity of a request to get an alter of address that is definitely followed closely by a request for an additional or replacement card. Furthermore, the final rules need users of customer reports to develop affordable policies and procedures to apply when they get a notice of address discrepancy from a customer reporting agency.

The final rule-making is issued by the Board of Governors with the Federal Reserve Program, the Federal Deposit Insurance Corporation, the Federal Trade Commission, the National Credit Union Administration, the Office on the Comptroller with the Currency, along with the Office of Thrift Supervision. The final rules are helpful on January 1, 2008. Covered economic institutions and creditors should comply with all the guidelines by November 1, 2008.

The government is undertaking its ideal to combat identity theft. Keeping 1 step ahead with the thieves by checking your cost-free credit report will make sure that nobody has stolen your identity. The government is doing what it can, but you might be the initial line of identity theft defense.

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