Definition Edit

Under the Red Flags Rule, a covered account is one that is used primarily for personal, family, or household purposes, and that involves multiple payments or transactions. These include credit card accounts, mortgage loans, automobile loans, margin accounts, cell phone accounts, utility accounts, checking accounts, savings accounts, and other accounts for which there is a foreseeable risk of identity theft. The Rule also requires creditors and financial institutions to periodically determine whether they maintain any covered accounts.[1]

References Edit

  1. 72 Fed. Reg. 63719 (Nov. 9, 2007).

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