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Proposed ID theft rules affect industry.

NAA/NMHC have submitted comments to the Federal Trade Commission (FTC) on a proposed rule to reduce identity theft. The rule, known as the Identity Theft Red Flags and Address Discrepancy, is required to implement some provisions of the 2003 Fair and Accurate Credit Transactions Act (FACT Act).

While most of the provisions are directed toward financial institutions and other traditional creditors, the apartment industry has some compliance obligations, especially when accessing an individual's credit report.

This proposed rule seem to define what reasonable policies firms should have to follow if a firm uses a consumer report to verify a consumer's identity and are notified by a consumer reporting agency of a serious address discrepancy. NAA/NMHC's comments encouraged the FTC to recognize as reasonable policies the resident screening practices currently employed by the apartment industry and discouraged the adoption of stricter standards.

Information compiled by NAA/NMHC Joint Legislative Staff: Senior Vice President for Government Affairs Jim Arbury; Vice President of Housing Policy Lisa Blackwell; Vice President of Capital Markets and Technology David Cardwell; Vice President of Properly Management Jeanne McGlynn Delgado; Vice President of Communications Kim Duty; Vice President of Environment Eileen Lee; Tax Advisor Howard Menell; Vice President of Building Codes Ron Nickson; Chief Economist Mark Obrinsky; and Director of Properly Operations Belay Feigin Befus.
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Title Annotation:CAPITOL BEAT
Date:Dec 1, 2006
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