Obama Signs Act Defining Credit Protections at Doctor’s Offices
President Barack Obama has signed into law the Red Flag Program Clarification Act, legislation that is aimed at curbing breeches in credit identity security at doctor’s offices.
Consumer complaints about financial identity theft have prompted lots of changes in laws and protocols as credit card thieves have become increasingly sophisticated and computer hackers have stolen tens of millions of credit cards by hacking into unprotected computer databases. The Red Flag Clarification Act spells out exactly what responsibilities your physician’s office has to ensure that your credit information remains well guarded.
Other small businesses got their security mandates through The Fair and Accurate Credit Transactions Act which went into effect at the beginning of this year. That set of regulations outlines compliance requirements when businesses extend credit before delivering a service. But doctors doing business were not included in that bundle of laws, and the new Red Flag Program Clarification Act exempts many doctors from the requirement to establish an identity theft program. It does so because it defines creditors as businesses that routinely run credit checks.
That means that while your doctor’s office will now have to follow certain protocols, it will not have to follow the same high security standards that other businesses do – such as those that make loans to customers to help them pay for services.
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Tags: Credit Protections, Defining Credit Protections, Doctor’s Offices, Offices
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