Identity Theft “Red Flag Rules” Raise Ire of AMAIdentity Theft “Red Flag Rules” Raise Ire of AMAOn Monday, December 27th, 2010 at 5:45 am, No Comments »
Identity Theft “Red Flag Rules” Raise Ire of AMA Identity Theft “Red Flag Rules” Raise Ire of AMA Why Submit Articles? 0 && $.browser.msie ) { Register Email Home Page > Finance > Identity Theft “Red Flag Rules” Raise Ire of AMA Identity Theft “Red Flag Rules” Raise Ire of AMA Posted: Aug 13, 2009 |Comments: 0 ]]> No one wants to be the target of identity theft, and yet, despite consumer awareness and prevention practices, in 2008 ten million people were victimized. It seems like everyone should be overjoyed at programs to curb this threat from the creditor’s side. Not so. Some organizations, such as the American Medical Association, feel that their members should be exempt from developing and implementing written identity theft prevention and detection measures. Resistance from the AMA has been so strong that the deadline for putting the Red Flag Rules into practice has been delayed 3 times since it’s inception in November 2007. The new deadline is November 2009. Banks and other credit issuing entities also object to monitoring the 26 red flags designed to prevent anyone from using another person’s identity – for gaining credit, for getting a job, for renting an apartment, or for obtaining medical care under another’s insurance policy. Why? They feel that the new rules are “excessive and overly burdensome.” Huge banks will probably have no trouble with compliance, but smaller organizations without a large staff may have to hire 3rd party companies to carry out this function. Either way, implementing the Red Flag rules will cut into profits. One objection from the AMA is that physicians should not be classified as “creditors,” even though they grant credit when they accept payments for care, or when they wait for payment until an insurance company responds to billings. Lawmakers are not heeding this argument, because they are particularly concerned with “medical identity theft.” Not only can thieves obtain medical care using someone else’s insurance, the resultant medical records could be medically dangerous to the person whose identity was stolen. Coming into compliance will definitely prevent “instant credit,” because checking some of the 26 Red Flags will require a little research. First, it will be necessary to obtain and actually read a credit report. The first red flag will be the inability to obtain that report due to a credit freeze. Next would be a fraud alert placed on the report. From there, credit issuers will need to examine the report for inconsistencies when compared to the application for credit. Some, such as checking the borrowers social security number against his date of birth, will require further effort. To read the entire list of 26 Red Flag Triggers, visit Bankrate.com http://www.bankrate.com/brm/news/Financial_Literacy/identity_theft/red_flags_a1.asp?caret=92g Meanwhile, since the rules are not yet in effect, check your own credit report today… You could be a victim and not even know it. Retrieved from “http://www.articlesbase.com/finance-articles/identity-theft-red-flag-rules-raise-ire-of-ama-1122717.html” (ArticlesBase SC #1122717) Liked this article? Click here to publish it on your website or blog, it’s free and easy! John Rasor - http://www.creditscorecowboy.com is the #1 source on the planet for a free credit report, identity theft software and a blog with a wealth of information writtten by lending professionals that know about credit and what determines ones creditworthiness. ]]> Questions and Answers Ask our experts your Finance related questions here…200 Characters left What are the red flags that i might look for in the financial statements of a money lending company to the public Rate this Article vote(s) Feedback Article Tags: Latest Finance Articles
Learn how to implement a security credit freeze at the three big credit bureaus and prevent many types of identity theft. Identity theft experts agree that the credit freeze is the most effective option available for identity theft prevention. (03:00)
Learn about Identity theft and how to deal with it – How do I get in touch with the credit reporting bureaus? (00:53)
Learn about Identity theft and how to deal with it – How can I get free copies of my credit report? (00:40)
What is the difference between a fraud alert and a credit freeze? (00:27)
What is a fraud alert and how do I place one on my credit report? (00:37) How To Prevent Identity Theft – Check Credit Reports Regularly Don’t be a Victim of identity theft. Use credit reports to maintain your good credit record and monitor possible attempts to take advantage of that good credit report. Identity theft destroys lives! By: Law> Free Credit Reports: Know Credit Status for Free Free credit reports is a document that contains details about your credit payments and other personal information. It must be accessed regularly to avoid every risk. On the basis of these reports only you can get the further credit. By: Finance> Protecting Yourself Against Identity Theft: Monitor Credit Report Regularly When it comes to protecting yourself against identity theft it really is crucial that you be and remain as proactive as possible. By making sure that you do monitor your credit report regularly, you will be doing just that. By: Finance> The Benefits of Free Credit Report A credit report contains valuable information on a person’s credit history such as details on loan
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