Have you Heard of the Red Flags Rule?

There is a new regulation called the "Red Flags Rule."  It requires certain businesses to not only detect identity theft warning signs but also to spell out what it would do when it finds something suspicious such as reporting and planning to alert the "victim".  The "Red Flags Rule" applies to financial institutions and "creditors".  Congress left the definition of  "creditors" somewhat open ended and the FTC created language in the Rule that includes within that definition any business that regularly extends or renews credit.  Further more, since the FTC deems that the Rule can apply to any business that allows a payment plan or accepts deferred payments for goods or services, this could include doctors, lawyers, brokers and mortgage bankers, escrow companies and other real estate related business.




Linda Shank is the Broker/Owner of Linda Shank &  Company in Gold Canyon AZ.  She can be reached @ lindashank888@gmail.com