Circular
Agencies Issue Frequently Asked Questions on Identity Theft Rules
June 11, 2009
Circular No. 12106

Six federal agencies have issued a set of frequently asked questions (FAQs) to help financial institutions, creditors, users of consumer reports and issuers of credit cards and debit cards comply with federal regulations on identity theft and discrepancies in changes of address.

The rules require financial institutions and creditors to develop and implement written Identity Theft Prevention Programs and require issuers of credit cards and debit cards to assess the validity of notifications of changes of address. The rules also provide guidance for users of consumer reports regarding reasonable policies and procedures to employ when consumer reporting agencies send them notices of address discrepancy.

The agencies' staff have jointly developed answers to these FAQs to provide guidance on numerous aspects of the rules, including which types of entities and accounts are covered; establishment and administration of an Identity Theft Prevention Program; address validation requirements applicable to card issuers; and the obligations of users of consumer reports upon receiving a notice of address discrepancy.

See press release for full details.

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