By Carolyn Roome
This Act was created and passed by Federal Trade Commission and the National Credit Union Administration. This Act is call the Red Flag Rules requiring financial institutions and creditors to develop and implement written identity theft prevention programs, as part of the Fair and Accurate Credit Transactions (FACT) Act of 2003. The programs must be in place by November 1, 2008, and must provide for the identification, detection, and response to patterns, practices, or specific activities, known as Red flags, that could indicate identity theft.
The Red Flag Rules were made to protect our information and also keep identity theft from happening. Finding identity theft earlier, and taking proactive steps to stop the damage, this should lessen financial losses to these organizations and protect the consumer from becoming victims. It also places more burdens on the institutions implementing this program but will pay off in the long run. The company boardmembers must approve the identity theft prevention program and thereafter be involved directly, or through a designated senior management employee, in the oversight, development, implementation and administration of the program. In addition, the company must assign specific responsibility for implementation, train staff, audit compliance, generate annual reports and oversee anyone granted access to covered accounts.
Who do the rules apply to?
The FTC says that financial institutions and creditors that offer or maintain covered accounts must implement a red flag rule program. Red flag rules apply to financial institutions and creditors like banks, credit unions, auto dealers, mortgage brokers, utility companies and telecommunications companies. Credit reporting agencies are exempt from the red flag rules, but at least one, Experian, is getting involved at some level. Experian hosted a red flag rules Web seminar in February that attracted more than 700 clients.
The Red Flags they are using for our protection are: Alerts, notifications or other warnings received from consumer reporting agencies, notices from consumers, victims of identity theft or law enforcement officers, suspicious documents such as forgeries or a photo description that does not match a person, suspicious personally identifying information (e.g., inconsistent or mismatched addresses, Social Security numbers, etc.); and other events that indicate a likelihood of an occurrence of identity theft.
The flags that are known in the identity theft prevention program must: Identify red flags requires review of the types of accounts offered and maintained, the methods used to open and provide access to the accounts, and any previous experience with identity theft.
Detect red flags requires obtaining identifying information about, and verifying the identity of, persons opening covered accounts and having a process to authenticate customers, monitor their transactions and verify the validity of change-of-address requests.
Respond to red flags requires appropriate responses that prevent and mitigate identity theft. Examples include monitoring covered accounts for evidence of identity theft, contacting the consumer, changing passwords or security codes, refraining from collecting on an account or selling it to a debt collector, or notifying law enforcement.
From what I see here we are getting protection from Identity theft but are paying the price of having every purchase and credit inquiry looked at, we are losing some of our privacy in order to be protected from this problem. In all I think they are trying to fix the problem and keep the financial institutions and us as a consumer lastly, from being victims from this wide spread problem. We need to look for that little red flag starting November 1, 2008 and use those companies and institutions that are compliant with this Act.
For those companies that would like more information, such as mortgage brokers and any small company that takes credit. Please call me for more information.
Carolyn Roome
303-816-7112
http://getyourlifebackonline.com
http://mountaingirlllc.com
Credit Repair 100% money back guarantee! $500.00 No Monthly Fees, No hidden charges.
Article Source: http://EzineArticles.com/?expert=Carolyn_Roome
2008/09/22
We Need to Know About Red Flag Compliance
2008/09/20
What is Mortgage Protection Insurance Anyway
This a big buzzword for many insurance companies out there. But basically all in all it is life insurance. Plain and simple. The only difference is, if you have had a major life event in the last 13 - 18 months, with some carriers, you qualify for what is called simplified issue. That means that normally no medical exam is required to get insured.
What is a life event? Well, that's where the "mortgage part" comes in. A life event is a birth, marriage, divorce, mortgage purchase, or mortgage refinance. Therefore the name Mortgage Protection Insurance. It could just as well be called Birth Protection Insurance, Marriage Protection Insurance, or Divorce Protection Insurance. But as you can see those titles lend themselves to some...well...questionable market positioning.
It is just a fancy name for a term life policy with a death benefit in the amount of your mortgage. That way if you die, the house gets paid and the wife and kids get to stay there now that they have lost your income. I know that sounds a bit morbid, but hey, that's life insurance. And even if it is a divorce, it still fits. After all, if you are the one leaving the home, those are still your kids. Touchy subjects, death and divorce. But then again, so is homelessness.
Now, you might say "but I already have a life insurance policy." Great! That's a good thing, but let us say you have a $1,000,000 whole life policy. And let's say your mortgage is $250,000. And lets say that your income is $120,000 a year. That million is going to last a little of 8 years by simple math. Well, if your wife or husband or kids use the policy to pay off the house so that they can stay there after your death, the time just got cut to 6 years.
Bottom line, because of the fact that you just bought a house, had a baby, got married, divorced or refinanced, you get to apply for that extra security of leaving your family with a roof over their heads and no reason to dip into what you planned to leave them for replaced income. And you get to have it simplified issue.
As an added bonus, you can set it up with what is called a Return Of Premium rider. Basically at the end of the term, if you are still alive and kicking, you can get your money back. Think of it as a savings account with death benefits.
Listen, the last thing I like to talk about is my own mortality as well. But the fact remains. It truly is the debt that all men pay. So, if you are interested in protecting your family against an untimely repayment of that debt and the loss of your income, you'd better do it while you have the chance to do it easy. After a while, you don't get a choice. Later on due to age, illness, or injury, you may not even qualify to receive life insurance at all. Simplified or Non-Simplified.
I'll give it to you straight. There are other ways to insure your family's financial future. Investments, 401Ks, CD's, and even annuities. All of which are geared towards the hopeful eventuality that you live. Life insurance is there in case you die. Both sides of that fence are recommended. Unfortunately most people don't look at the dark side. If you are one of those, don't keep pretending it is not there. Do something about it.
Michael Lynn Graves
Article Source: http://EzineArticles.com/?expert=Michael_Lynn_Graves
2008/09/14
Path Of Financial Stability Is Facilitated With Small Personal Loans
By: Gracy Bonsu
In the loan market of today, more and more borrowers are trying their hands on payday loans which are better known as small personal loans. These type of loans can be availed by anyone who has a regular income, is above the age of 18 years and has an existing saving or checking account. The payday loans can be availed by any prospective borrower who is trying to arrange funds to meet his or her personal financial needs such as vacations, debt repayments, educational expenses and medical emergencies.
In the UK loan market, an unprecedented change has been noticed in the financial demands placed by a huge majority of the Britons. Earlier, almost 95 percent of the loan borrowers used to take loans to meet their immediate financial needs or to support their financial matters but now more and more loan borrowers in the UK loan market are being granted for reasons such as home renovation, vacations and buying an tangible asset. These small personal loans are a huge hit with the loan borrowers as the loan amount can reach them in just a matter of one day. This obviously means that the individuals in need can handle their urgent needs on an immediate basis.
The payday loans have reduced, if not eliminated, the concerns of all loan seekers to a considerable extent. Gone are the times when an individual with dire financial needs has to seek the immediate intervention of his family, friends and relatives to help him overcome the financial crisis. This caused great embarrassment for the individual seeking the help and was used to be nothing short of financial embarrassment to say the least. But, not any more. With these small personal loans at his side, no borrower has to be dependant up on anyone else, he can use his own financial credibility to get financial help from a lender at low rates of interest.
A prospective loan borrower, however, needs to be extra-cautious when it comes to availing the payday loans as there may be times when a profit-motivated lender places some terms and conditions attached with the loan. These terms and conditions are usually overseen by the borrower who is pretty much occupied with the loan amount, rate of interest and early loan grant. But, these terms and conditions often land him in a state of utter misery and this is a time when he thinks that perhaps a careful study of the same could have helped him. So, it is highly advisable that there must be no rash decisions while making a loan application. The borrower must act in good faith and must disclose all material facts to the best of his knowledge and abilities.
All the things pertaining to these loans must be properly documented and not just recorded on a verbal or informal basis. Expert advice before applying and placing consent for obtaining loan must be taken as that could help to avoid future repercussions.
The greatest source of information on these type of loans is none other than the World Wide Web. A prospective loan borrower can seek answer to all his queries to satisfy himself with the loan deal. In addition to that, he can also get the discounted loan deals besides getting some bargains in terms of repayment amount and favourable loan terms and conditions.
For more information about loans: Small personal loans, Bad Credit Loans, Helping you to avoid the financial catastrophe
Article Source: http://www.ArticleBiz.com
2008/09/13
Income Protection Insurance Cover Against Unemployment and Incapacity
Income protection insurance cover is taken out to safeguard the possibility that you could become unemployed or incapacitated at anytime. If you lost your income you would have to make drastic changes to your lifestyle in order to be able to continue paying all of your essential outgoings. One of the most important of these would be your monthly mortgage repayments as arrears leads to the lender taking you to court and seeking possession of your home.
Your policy would allow you to insure up to a certain amount of your own income and this is set out by the provider. You need to check this along with when the cover would begin to pay and when it would end. Some policies could state that you receive a payment after just 30 days and others could ask that you wait for as long as the 90th day before you put in a claim. The same would apply to how long the cover would provide you with an income for. Some providers could allow you to recover with peace of mind for 12 months and some providers might allow you 24 monthly payments. Once the period has been reached then the policy would simply cease and it is assumed that you would have recovered and gone back to work or found work again.
Income protection insurance cover would allow you to be able to pay more than just your mortgage repayments. You would also be able to keep up with any other essential outgoings which could include loan repayments. Being able to meet loan repayments is essential if you are to keep your credit rating on form. Your credit rating is the first thing taken into account when lenders look into deciding whether or not to take a risk on you. It is common sense that if you have a poor rating due to missed loan repayments that you are more than likely to be turned down. Even if you do manage to get a lender to agree to give you a loan you would probably have to pay over the odds for the rate of interest and might even have to take out a bad credit loan.
You would also have to check to see what exclusions there are in income protection insurance cover as some have more than others and these are set out by the provider. There are exclusions in all payment protection policies but some of the ethical providers add in just the bare few. The exclusions are what can stop you from being able to put in a successful claim on the policy. This was highlighted in 2005 when the Financial Services Authority revealed that policies had been mis-sold. While this referred mainly to loan payment protection, all policies were tarred with the same brush which led to mistrust and a decline in taking out all forms of protection. Providing you had read the terms and key facts and are aware of the exclusions and checked them then cover can and does work as it is supposed to work.
About the Author
Simon Burgess is Managing Director of the award-winning British Insurance, a specialist provider of income protection insurance cover.
2008/09/10
Shocking News! These Insurance Marketing Techniques Simply Don't Work Anymore?
Insurance marketing techniques as well as insurance market solutions is a very big subject today. Especially in an economy like today.
Because Insurance agents are scrambling to keep their agency afloat. And insurance agents are willing to do just about anything to survive. But, although the old insurance marketing techniques like its Just a matter of calling on enough people used to work, but that was a looong time ago. And those insurance marketing techniques simply do not work like that anymore. Yet, today, too many insurance agents are still using this old insurance marketing for several reasons.
First, you know the saying if you are good with a hammer everything looks like a nail.
And the second reason is perseverance is one of the most admirable traits in all endeavors. Think about it.
We love to watch the Olympic athletes push themselves to - and then beyond The Limit. And Mother Nature provides some of the most astonishing feats of perseverance for example when you think of the salmon fighting upstream or even up water falls.
Insurance Marketing Tip Discovered While Watching A Fly?
Yet, at what point is it that the perception or guise of perseverance become out right foolishness? At what point should insurance agents realize old insurance marketing advice and marketing techniques don not work in a new agency economy? Maybe agents should take a valuable marketing lesson from a fly. Here is what I mean.
We have all witnessed what I will call The Death Fight of The Fly This is when the fly is fooled by the perception that a glass window is not really there. So the fly demonstrates incredible perseverance and repeatedly, incessantly, persistently, almost loyally, hurls itself again and again up against the window PAIN (spelling selected on purpose) and often until it is exhausted and dies of fatigue.
FACT: No matter how valiant the effort made by the fly the bottom line is the barrier is not going to yield. EVER.
Often, observation of this ritual makes you think the fly is just not that bright. Right?
Be careful.Here is why I say that.
After more than 20 years in this great industry I have witnessed a very similar death flight by many agents who persevere and persistently continue to attempt to do the same marketing and getting insurance leads that used to work and despite the obvious fact it no longer works, Yet most insurance agents seem to prefer to continue to hit their heads against the window PAIN as if never knowing that regardless of the efforts made they will never make it through the barrier.
Most insurance agents are getting caught up in the business of BUSYness and would rather point the finger at the outside forces they can not control and blame others instead of evolving and adapting to the new insurance world that we live in.
Tough words? Yes, but we operate in tough times. I'm not giving you hell. I am simply giving you the truth. It is just that sometimes the truth feels like hell.
Think about this. The old insurance marketing techniques worked only because back then the average person was not getting bombarded by over 3,000 marketing messages per day! Now that is a lot of clutter!
If you want insurance marketing techniques and advice that works today you must have a systematic manner of breaking through the clutter because the clutter is a real barrier and the absolute best and proven way to break the insurance marketing clutter of today is with MULTIPLE INFLUENCE CHANNELS(tm) (MIC) and not just the typical one strategy approach and continually hitting your head up against the window pane just like a fly.
Using Multiple Influence Channels(tm) or MIC amplifies your insurance marketing messages over and above the competition. There are several proven marketing principles involved when using MIC, but one quick one is to use several ways to communicate with the prospect as well as allowing them several modes to communicate with you.
A marketing drill for you to do.
Think about how you are currently trying to break through the clutter to get to your targeted audience and ask yourself. Am I doing exactly what everybody else is doing and if so why would my prospect want me over any other choice? And then ask yourself, what other new insurance marketing techniques can I develop and implement to break through and get my marketing message to my insurance prospects?
Warning. Do not be different for the sake of being different, but be different with the purpose of adding value to your prospects.
I hope you have found this information useful and thought provoking and more importantly I hope it sparks you into accurate actions.
About the Author
To get a FREE GIFT Plus the Bombshell Controversial Conspiracy Report that all of the insurance agents are talking about please go to http://www.InsuranceMavericks.com right now.
2008/09/07
The Shocking Truth About Money and Banks!
If I were to lend you 100 pounds, I would take the physical money out of my pocket, or the bank. I might even write you a cheque. The key point though, is that I would have had 100 pounds, then, when I lent it to you, I wouldn't have it any more. If I lend you a hammer, I would first have to have a hammer, then I could give it to you and you could use it.
So, it would make sense then that when a bank lends you some money that it takes money that it has in it's vaults (or at least on it's books as most money doesn't now actually exist in physical form, It is just numbers in a computer.) and hands it over to you. To compare it to the example of me lending you 100 pounds, the bank would first have had 100 pounds with which it could do as it liked. Then, it would give that money to you and so, wouldn't have it any more. The bank would be 'missing' that 100 pounds until you paid it back.
Obviously, that is the only way it could work and it is the way that it must work. WRONG! That is the only fair way that the system could work. If someone is going to lend you something, they must have that thing first. The Government creates money, the banks have large supplies of it because people deposit their money with them and the bank then loans it to you in order to charge interest. This is the way that most of us have assumed that it works and we have never been taught otherwise.
The truth is far more shocking and is actually so unbelievable that I don't expect you to take my word for it. I am going to provide you with links to more information so that you can learn more and prove to yourself that this is how it works.
When a bank lends you money, it creates that money out of thin air! Yes, you read that correctly. Before you ask to borrow some money, that money doesn't exist. When the bank agrees to your loan, it simply conjures it into existence and gives it to you. The bank hasn't built, grown or created anything of value but it still gets to charge you interest on that money that it simply created.
This system is almost exactly the opposite of how you would think it should work. When the money is loaned out, it is created and when it is paid back, it ceases to exist as it is written off the bank's balance sheet. The bank gets to keep the interest on the money that it made up though! This poses a big problem for everyone because if all the money is created like this (which it is) then where does the money to pay the interest come from. Have you ever wondered why we have inflation?
I could keep going all day with this but there is a great video that explains all this and what you can do about it. There are also links to find out more from independent sources and to see evidence if you still don't believe.
Philip McClarence has extensive experience in Finance, debt and money. Visit his website Debt Consolidation Non Profit to learn more.
Check out the video here: Where did the national debt come from?
Article Source: http://EzineArticles.com/?expert=Philip_McClarence
Personal Loans For Unemployed: Avail the cash when you are unemployed
By: Gray Smith
The condition of the unemployed people is awfully cruel because in the unemployment the people don’t complete you’re due to hard up. The demotic credit agencies don’t allow to the unemployed people to apply for loan due to many reasons, such as the unemployed people don’t have any source of income; and don’t have own property to place the loan. Besides this source they don’t have any other option to avail the loan. It’s mistake for them that they don’t have any source of income to obtain the cash.
Many lenders or the credit agencies deal out the Personal Loans For Unemployed to the people who are unemployed. As a result Personal Loans For Unemployed enable to the unemployed people to apply for Personal Loans For Unemployed. The Personal Loans For Unemployed is especially profitable and assistance for the unemployed people. By availing the Personal Loans For Unemployed they can purchase new home; and other uses of Personal Loans For Unemployed like paying the treatment bill, electric, phone bill, pay off the last debt, wedding expenses etc. If the unemployed people don’t have any private source of income, they can establish own new business.
The most impotent thing of Personal Loans For Unemployed that the unemployed can get Personal Loans For Unemployed in both forms secured and unsecured Personal Loans For Unemployed. In unsecured Personal Loans For Unemployed the borrowers don’t need to pay the asset stand for this loan. Excluding for this loan the borrowers have to pay slightly high rate of interest. In the refer of secured Personal Loans For Unemployed the borrowers can avail the cash with the cheapest rate of interest. Excluding for this loans they have to submit co-signer or collateral in the place of cash. Unsecured Personal Loans For Unemployed can prove useful for loan amounts from $500-$25,000.
The secured Personal Loans For Unemployed can offer loan amounts from $5000 to $75,000. The withdrawal period of secured Personal Loans For Unemployed is from 7 to 15 years; and for the unsecured Personal Loans For Unemployed the payback period may slightly less to compare secured Personal Loans For Unemployed. That’s why Personal Loans For Unemployed is very profitable sauce for one and all to generate the cash.
Gray smith has done his master in finance and now he is an expert in finance and insurance at loans4unemployed .com to find Unemployed loans, Student loans for unemployed and bad credit, Personal Loans For Unemployed, Cash Loan For Unemployed visit http://www.loans4unemployed.com
Article Source: http://www.ArticleBiz.com
