Brokers Are On The Hook For Clients Credit Info

BrokerIPTV : Today we are talking with Carol Schick, owner of Guardian Advisory Services and Carol thanks for being with us. One of the services that you offer is Identity Theft Protection. Now, I understand this is a big issue, but how does that pertained realtor?

Carol Schick, owner of Guardian Advisory Services carol schick, guardian advisory services talks about ,Identity Theft and Protection from Gramm-Leach-Bliley in regards to the privacy act or safeguard act and how It applies to real estate brokers with negligence the broker can be held accountable.

Carol Schick: Well, there is a lot areas that pertains to realtors, but I think one of the biggest issues. Realtors collect a lot of information as far as personal information and financial information on their clients and because of the law that was put into place, the FACT law and the Gramm-Leach-Bliley Safeguard Act. This can go into a little bit deeper, because if your clients identity has stolen and that could be the personal piece, the financial piece. There are fines that are now can be put in place and its for each occurrence it could be anywhere from $2500 to a million dollars per occurrence and jail time for owners of company.

BrokerIPTV : So, if I am the agent and one of my clients information got stolen from me or it was through my negligence, I am on the hook as what you are saying?

Carol Schick: You are on the hook.

BrokerIPTV : Wow. So, what is the Identity Theft Protection Plan do?

Carol Schick: What it does is there are actually five areas of identity theft, as driver license, social security, medical records which is got out of control, financial and criminal. And what the plan does is, first of all it actually got three steps. First of all it gives you a credit record, makes your credit report as right, review that. If its not right, you call the company and say

Posted on November 12, 2007 09:35:49 by Blog Author