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October 28, 2008

New Identity Theft Regulations

Filed under: Privacy — Tags: , , , 7:50 am

On November 1, 2008, new identity theft regulations go into effect, some of which apply to employers who are users of consumer reports, i.e. background checks, performed by third parties under the Fair and Accurate Credit Transactions of 2003 (FACTA).  The new regulations require users to implement a written policy to respond to any notices of address discrepancy received from a credit reporting agency (CRA).  The policy must be designed to help a user form a reasonable belief that the report from the CRA matches the person about whom the background check was performed.

A recent news article noted that the workplace is the site of much identity theft, notably re:  financial information, driver licenses, Social Security numbers, and medical information.  Employers should develop and implement a policy and plan to protect such information and reduce the risk they will be held liable if/when identity theft occurs.

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