March 26, 2008 - Compliance Coach Inc. launched CompliancePal, a Web-based software that enables compliance with the new FACT Act Identity Theft Red Flags Rule.
The FACT Act Identity Theft Red Flags Rule was issued to combat identity theft, a growing concern to consumers. The impact is broad and the rule affects banks, credit unions, mortgage lenders, auto dealers, credit card lenders, payday lenders, landlords, utility companies, phone companies and any consumer or small business lender in the country.
By November 1, 2008, the compliance deadline, each affected entity must perform a risk assessment and take numerous steps to develop and implement a written Identity Theft Prevention Program.
CompliancePal is solution that walks the user through a series of questions and produces: the required risk assessment, the mapping of red flags to appropriate detection and response procedures, the written program, the training materials and the compliance status report. It is also updated regularly for new identity theft schemes and red flags.
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