Industry News

FTC updates identity theft rules

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

The Federal Trade Commission has issued its final rules under the Fair and Accurate Credit Transactions Act (FACTA) regarding further definition of the terms "identity theft" and "identity theft report"; the duration of active-duty alerts; and the appropriate proof of identity needed by consumers to block fraudulent trade lines in their consumer reports, place or remove fraud or active duty alerts, or truncate their Social Security number in their file disclosures. FACTA, which was enacted on Dec. 4, 2003, and amends the Fair Credit Reporting Act (FCRA), enables identity theft victims to place "fraud alerts" on their credit files and work with creditors and credit bureaus to "block" information in their credit reports resulting from identity theft. FACTA also allows military personnel to place an alert on their credit file if they are deployed, and allows consumers to request that a credit bureau truncate their Social Security number on credit reports sent to the consumers. The FT...