Home > Blogs > Regina P. Brown > Real Estate Brokerage Blog

Lenders: Are you in compliance with the RED FLAG anti-ID-theft Regulations?

By Regina P. Brown

Real Estate Broker/Owner with MBA Broker Consultants CalBRE Broker #00983670

June 04, 2009 05:27 PM

"May 1^st was the deadline for U.S. financial institutions and creditors to comply with the "Red Flag" regulations adopted by the Federal Trade Commission - an extension from the previously announced November 2008 deadline. Every business that furnishes goods or services on a delayed-payment basis is required to develop and implement programs designed to detect, prevent and mitigate the effects of identity theft. Written by Charles H. Kennedy, Of Counsel, Morrison and Foerster LLP, this white paper clarifies requirements of the Red Flag regulations and offers guidance for how impacted businesses can prepare," says Iron Mountain.

For more information, go to Iron Mountain's web site at http://imknowledgecenter.com/detail.asp?cId=148&pid=1&tyId=4&hId=

So Lenders, what's your game plan? How are you keeping your clients' confidential data safe?

I teach a CE accredited course, certified by the California Dept of Real Estate, that shows real estate offices, agents, and lenders HOW to protect their clients' confidential data. If you're interested in some tips, give me a call! I'll be happy to help you.

Regina P. Brown
Broker, Realtor®, e-Pro
Author of eBook "Stop Foreclosure Fast: Solutions to Save your House"
Author of forthcoming book, "Virtual Office Guide for Business Professionals: Work & Profit from Home"
Join & post to my NEW ActiveRain group at http://activerain.com/groups/virtualoffice

Enjoy my NEW Books:

Re-Blog

Comments(5)

Comment

Show All Comments

Sort:

Richard Dolbeare

Inactive - Wailuku, HI

Living the Hawaii Lifestyle

With all the companies out there asking for my SSN and then with some of them "losing" my applications, I must wonder what they are doing to protect my ID. I've tried asking only to be looked at like I'm a crackpot.

Jun 04, 2009 05:34 PM

Richard Weisser

Richard Weisser Realty - Newnan, GA

Richard Weisser Retired Real Estate Professional

Regina...

This is a subject that is near and dear to my heart. Thanks for this timely information!

Jun 05, 2009 12:00 AM

Wallace S. Gibson, CPM

Gibson Management Group, Ltd. - Charlottesville, VA

LandlordWhisperer

Individual landlords are NOTORIOUS for not following the FTC/FACTA rules and many are no longer able to get access to applicant credit report....safeguarding tenant information is a PRIORITY and should be for all real estate professionals.

Thanks for the post!!

Jun 05, 2009 12:52 AM

Regina P. Brown

MBA Broker Consultants - Carlsbad, CA

M.B.A., Broker, Instructor

I've seen mortgage lenders who closed their offices in the last few years, take their boxes of mortgage app's and throw them in the trash dumpsters behind their offices.... confidential info and all! Now that's scary.

While none of us can completely PREVENT from becoming a victim of ID theft, we can take steps to minimize it from happening. And we can enroll in a protection plan like Identity Theft Shield (from Pre-Paid Legal) in which pro's go to work to solve ID theft problems if you do become a victim.

Jun 05, 2009 04:12 AM

Melissa Zavala

Broadpoint Properties - Escondido, CA

Broker, Escondido Real Estate, San Diego County

Thanks for sharing the information. I was not aware of the changes as of May 1. I'll pass on to my office, although we do not do lending.

Jun 05, 2009 08:15 AM

Lenders: Are you in compliance with the RED FLAG anti-ID-theft Regulations?

Comments(5)

Regina P. Brown

Service Areas

Real Estate Resources

Additional Information