|
|
ID theft continues to be a rampant and expensive crime in the U.S. Purse-snatching, dumpster diving, and mail stealing are all ways that criminals steal your identity. These thieves can then use your credit cards, social security number, and other personal information to rack up charges, open new accounts, and even apply for jobs!
Identity theft and ways to combat it have been topics of many tv and printed articles. You have probably viewed or read some of these tips and even implemented a few of them into your habits. So you are protected, right?
Uh, probably not.
Unfortunately, these crooks are very creative, and constantly scheming up new ways to steal pieces of information about your identity. So, while you may have a locking mailbox, a shredder you use faithfully, and guard your social security number as closely as you would your little sister, you could be overlooking one thing: your cell phone.
To read the rest of our newest blog post, click here to go to our blog.
|
Compliance Corner - Credit Rating Agencies
Background: In 2006, Congress passed the Credit Rating Agency Reform Act. This law required the SEC to establish clear guidelines for determining which credit rating agencies qualify as Nationally Recognized Statistical Rating Organizations (NRSROs). It also gave the SEC the power to regulate NRSRO internal processes regarding record-keeping and how they guard against conflicts of interest, and specifically makes the NRSRO determination subject to a Commission vote. The law specifically prohibits the SEC from regulating an NRSRO's rating methodologies.
The Dodd-Frank Wall Street Reform and Consumer Protection Act enhances the SEC's enforcement mechanisms, and adds a number of requirements on NRSROs that are immediately effective (i.e., do not depend on SEC rulemaking). The Dodd-Frank Act also requires the Commission to adopt a number of new rules concerning:
- Annual reports on internal controls
- Conflicts of interest with respect to sales and marketing practices
- "Look-backs" when credit analysts leave the NRSRO
- Fines and penalties
- Disclosure of performance statistics
- Application and disclosure of credit rating methodologies
- Form disclosure of data and assumptions underlying credit ratings, among other things
- Disclosure about third party due diligence
- Analyst training and testing
- Consistent application of rating symbols and definitions
- Specific and additional disclosure for ratings related to ABS products
In addition, the Dodd-Frank Act requires every federal agency to review existing regulations that require the use of an assessment of the credit-worthiness of the security or money market instrument and any references to credit ratings in such regulations; to modify such regulations identified in the review to remove any reference to, or requirement of reliance on credit ratings; and substitute with a standard of credit worthiness as the agency shall determine as appropriate for such regulations.
The Commission also has issued a series of proposals regarding the removal of references to credit ratings in its regulation:
If you having any questions, please contact Michael Nichols at 800-264-8806, 501-734-1280 or michael@datafacts.com.
|
|
Want To Get An Edge Up On Your Competition?
Data Facts, through a partnership with My Credit My Future, now offers credit and financial education to all customers. Be the first to offer My Guide and become a credit and financial leader in your industry!
|
|
Close MORE. Close FASTER. Close EASIER.
|
|
|
|
Help Data Facts Help You Close MORE, Close FASTER, Close EASIER
 | | Help Us Help You |
|
|
|
Upcoming Webinars: 
Important Questions Your Customers Are Asking Thursday, Feb 9 2:00 PM - 2:30 PM CST Join us for the first of four informational webinars Data Facts will be offering in 2012. We will be discussing the questions that your customers are asking, and the answers they need to know. This webinar will cover the new HARP regulations, Tax Deductions, Credit Report Questions, and much MORE. We will show you great ways to become your customers' trusted advisor and create a tighter customer relationship by gaining their trust and supplying them with useful knowledge. Sign Up Now! Understanding Credit Scoring Wednesday, February 22
2:00 PM - 2:25 PM Central
Learn more about how credit scores are formulated, what they predict, and how they can be increased. Join us as we examine the factors that make up a credit score, common credit myths, and big credit mistakes.
Sign up now! Advanced Credit Scoring Monday, February 27
2:00 PM - 2:30 PM Central Beyond basic! Attend this webinar to find out helpful information about what is affecting today's credit scores, how people are scored, and how to get the highest score possible. (This is a continuation of information from our Credit 101 webinar). |
|
Custom Tip
Let our marketing team design this tip for you using your logo, colors and business information into a professional flyer!
Be sure to include any logos, pictures and information you want included on your tip.
*Our customized tip option is reserved for Data Facts Customers ONLY. To become a Data Facts customer, click here.
|
|
