Test Your Knowledge of Red Flags Law

Closely related to the Red Flags Rule is another regulation that is also intended to prevent identity theft, Title 16 Code of Federal Regulations, Section 681.1.  For detailed information visit:

Q: True or False:
When a user of a consumer credit report receives a notice of address discrepancy from a consumer reporting agency, the user must forward a reasonably confirmed address to the consumer credit agency.

A: True. 
However, this policy is only required if the user (1) can form a reasonable belief that the consumer report and notice of discrepancy relate to the same person, (2) has a continuing relationship with the consumer, and (3) regularly and in the ordinary course of business furnishes information to the consumer reporting agency from which the notice of address discrepancy was obtained.

 

Industry News

Cash For Clunkers Wins Senate Approval

Car owners will receive a voucher worth $3,500 if they trade in a vehicle whose original gas mileage was 18 miles per gallon or less for a vehicle that gets at least 22 mpg. The value of the voucher increases to $4,500 if the mileage of the new car is 10 mpg higher than the old vehicle. 
Read the article. 

Dealer Finds Going Green Means Saving Green (Backs)

A Cadillac dealership in Ohio is using energy-efficient parking lot lighting to reduce outdoor lighting costs and do his part in being environmentally responsible. Click here to read more

Bipartisan Resolution in Congress Urges Preservation of Single National Fuel Economy Standard

The resolution, introduced by Reps. Bobby Bright, D-Ala., and Lee Terry, R-Neb., supports maintaining a single, national fuel economy standard to give the auto industry the regulatory stability and certainty necessary to build the next generation of fuel-efficient vehicles that consumers demand, click here to read more.

Justice Department Rule Will Help Increase Public Transparency of Flooded and Rebuilt Wrecks

The Department of Justice has issued final rules to help prevent auto fraud by connecting motor vehicle agencies in states throughout the country and requiring more insurance companies to disclose totaled vehicles.

Recently, Reps. Cliff Stearns, R-Fla. and Gene Green, D-Texas, and Sens. John Ensign, R-Nev., and Bill Nelson, D-Fla., introduced bills, H.R. 1257 and S. 202, requiring insurance companies to disclose the VINs of totaled cars to vehicle history providers before the vehicle re-enters the marketplace. Click here to read more