FACTA Identity Theft Red Flags Information and Solutions
The new Fair and Accurate Credit Transactions Act (FACTA) Red Flags regulations are now in effect and require that applicable businesses have implemented a comprehensive identity theft prevention program, bringing those institutions into compliance with the FACTA Red Flags provisions. Hopefully, you've already done so. The penalties for non-compliance are many. If not, it's critical that you obtain FACTA and Red Flags information and solutions from a source you trust to help you comply with these new identity theft regulations.
By working with RedFlagsCompliantTM, an authorized affiliate of MPS, to help you develop your Red Flags identity theft program, you gain trusted, convenient, and practical advantages. You get protection from non-compliance and RedFlagsCompliantTM certifies your business. We help you understand the requirements, develop your Red Flags policies, train your staff, and implement the program and software you need for a strong FACT Act Red Flags identity theft compliance program.
Let us help you quickly bring your business into compliance with the new FACTA Red Flags identity theft regulations.
Written by Administrator
Tuesday, 18 August 2009 15:33
In an August 17 FNC report, correspondent Peter Doocey warns of the consequences of medical id theft. According to Doocy, "it's a huge problem."
WHAT IS MEDICAL ID THEFT?
Medical identity theft is a crime that occurs when someone uses a person's name and sometimes other parts of their identity -- such as insurance information -- without the person's knowledge or consent to obtain medical services or goods, or uses the person’s identity information to make false claims for the same.
CONSEQUENCES FOR HEALTH CARE PROVIDERS
A report by the World Privacy Forum titled "Red Flag and Address Discrepancy Requirements: Suggestions for Health Care Providers" provides suggestions for health care providers for compliance with the new regulations, which became effective November 2008, and will begin to be enforced later this year. Health care providers – whether they are for-profit, non-profit, or governmental entities –may have obligations under the new FTC Red Flag rules. Medical identity theft – particularly involving insider access to data – is a real concern in the health care sector, and is included expressly in the Red Flag Rules Guidelines.
Penalties imposed by the FTC for violations of FACTA may not exceed $2,500 per infraction. In addition to regulatory enforcement actions, users of consumer reports who fail to comply with the address discrepancy regulations are subject to civil liability under §§ 616 and 617 of the Fair Credit Reporting Act.
With our Red Flags Compliant service provided by FixCreditBiz, a national leader, health care businesses have an affordable, comprehensive solution for FACTA compliance.
CONSEQUENCES FOR CONSUMERS
Medical identity theft often results in erroneous entries being put into existing medical records, erroneous entries on credit files resulting which decreases credit ratings, and can involve the creation of fictitious medical records in the victim’s name.
FixCreditBiz is a MPS-certified service provider for expedited credit repair. We have successfully removed all types of negative items, yes, this includes erroneous or negative medical items. A 10-minute credit repair video is available at this link.
