Providing Compliance and Consulting Services Through our Associate Member:
What are the Red Flag rules? Identity theft is here! Every newspaper, magazine and television program has horror stories about this new type of crime. To help consumers, the Federal Government has created rules which place requirements on companies that have a creditor relationship with a consumer. Included in that group is banks, savings & loans, credit unions, finance companies, debt collectors, health care companies , automobile dealers and any other company which maintains a creditor relationship with a consumer.
What is Required? Dealers who finance even one car on their lot are subject to the new rules. Using any of the Social Security Number verification services is great and makes good business sense. That alone does NOT put you in compliance. Each dealer must have a written Program that includes its own concerns and solutions. Development, implantation and training of the Program is MANDATORY by November 1, 2008.
When does the law take effect?
FACTA was passed in 2003. The final regulations were put into place in November of 2007. Full Compliance is required by November 2008.
What is the cost of Non-Compliance?
FACTA specifically calls for civil penalties and fines. The act also allows for class action law suits.
SecurAudID Services, Corp., is a compliance consulting company. We are not and do not provide legal services. Please consult competent legal counsel with any questions or before taking any action based on the information contained in this web site.
