July 17, 2009 by Terry.

Identity theft victims will be able to seek compensation for the time and effort it takes to clean up damaged credit history under legislation approved Wednesday (July 15th) by the Michigan State House Judiciary Committee.

The bipartisan package of identity theft protection bills also updates Michigan law by better defining what constitutes identity theft and increasing penalties.  House Bill 4737, sponsored by state Rep. Matt Lori, makes victims of identity theft eligible for restitution from the Michigan Crime Victim Compensation Fund.  This is the first bill sponsored by Lori to be approved in committee.

In reporting the committee action on his legislation, the Constantine Republican said, “Because of the amount of business conducted online, identity theft is becoming an increasingly common crime and harder to prevent.  This legislation will give prosecutors the tools they need to go after these criminals and provide residents greater protection against identity theft.”

Lori noted that victims of identity theft must often spend years trying to fully restore their credit history and clear their name.   [he used the word must ~ I disagree, there is a real solution]

Lori said, “Victims of identity theft must often spend years cleaning up the mess – a frustrating, expensive and time-consuming hassle.  These bills give victims the opportunity to seek restitution for their effort.” This is why you need the better answer before you become a victim [approx 27,000 per day file reports], as found at Talk Solutions Today

In addition to increasing penalties and helping victims recover, the legislation also reduces the risk of identity theft by establishing procedures for companies to properly destroy personal data.  That is the key ~ because you “can’t Prevent” it, or protect yourself.  The Peace of Mind you can have is that you can Reduce Your Risks and Limit Your Liabilities.

The bills now head to the full House for consideration.

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July 7, 2009 by Terry.

This information can help you understand if the Gramm-Leach-Bliley Act applies to you.   GLBA = aka. Gramm-Leach-Bliley Financial Services Modernization Act, Pub. L. No. 106-102,113 Stat. 1338 (November 12,1999).

It is important to note that it does NOT apply if you simply take credit cards for payment.  Does your organization provide financial services that place you under the security provisions of GLBA, which includes regulations to protect consumers’ personal financial information?

• Do you provide financial advice for a fee?
• Do you broker investments or mortgages?
• Do you collect personal financial information pursuant to granting loans?
• Have you negotiated a contract with a financial service provider or do you plan to in the future?
• Do you collect personal financial information pursuant to any other “financial product or service”?
• Do you collect payment on which interest is paid? [Deferred payment plans that do not charge interest do not apply.)
• Do you collect personal financial information pursuant to issuing credit, including credit cards? [accepting credit does not apply here]

Terry Kohler
Certified IDentity Theft Risk Management Specialist
Talk Solutions Today

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