Well, the credit industry finally has some good news. The new ID Theft Red Flag Regulations which were slated to take effect on November 1 have been pushed back by the FTC and won’t be enforced until May 1, 2009. I guess, the FTC figures banks and creditors have bigger fish to fry right now than scrambling to meet new compliance regulations for identity theft. Based on personal observation this delay is a good thing because many companies are still unaware that Red Flag even applies to their business so getting compliant by Halloween might be tricky indeed.
I suppose now is a good time to remind you about our Guide for FACTA Compliance and How to Spot ID Theft Red Flags whitepaper. Go on…register to get it, I promise it’s a real treat.