Monday, April 20, 2009

Red Flag Compliance Date Looms for Collection Agencies

May 1, 2009 marks the deadline for creditors, collection agencies, and anyone utilizing credit reports in deciding to extend or negotiate credit (yes, that includes you!) to comply with the FTC's Red Flag Rules. The regulations are intended to minimize the risk of identity theft, and they have far-reaching implications. The web is full of information on these wide-sweeping rules, including this from the FTC, and even a rap song from a company offering compliance-testing software (video below courtesy of youtube).

If you don't consider yourself a creditor, and as a result you think this rule might not apply to you, think again. Maybe it's because I'm a lawyer and I have mouths to feed, but my advice would be to trust only credible sources, and if there's any doubt as to whether and how this rule might apply to you, seek the advice of counsel. This information is thorough and well organized. And this is a good sample compliance policy. See our website, for more on this rule in the coming days.

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