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Price: 135000 | Address: 10334 Saint Henry Lane | Beds: 3 | Baths: 2 | Sqft: 1414: Very cute home in St. Ann - right in the heart of St. Louis County! Come take a look and you won't be disappointed!

What The Heck are "Red Flag Rules" ...

...and why should you care?

If you think you’ve noticed that more businesses have been asking for even more identification lately, it’s not your imagination. Don’t be surprised if a retailer asks for your birth date or your mother’s maiden name if it’s providing credit for your big-ticket purchase. Generally, if someone asks me for my mother’s maiden name, I’m just as likely as not to tell them it’s NOTB (none of their business). Well, being the polite person I usually am, I would probably just (politely) ask WHY they need that info. However, federal regulations designed to help prevent identity theft – called the Red Flag Rules – are going into effect this month and those regulations do make it their business. If you haven’t already noticed the trend, you probably will soon. Try not to feel insulted or annoyed.

Consumers are expected to benefit from these rules, most likely from less identity theft. Or at least that’s the plan. The downside – yes, there is always a downside – is that you’re probably going to feel like businesses are asking things that shouldn’t matter, or that are really NOTB. If we didn’t have identity thieves behind every ATM (Ok I’m exaggerating, but it feels that way) we wouldn’t need extra rules.

In any case, if you’d like to learn more about these rules and what businesses are affected, please check out the FTC (Federal Trade Commission) website here: http://tinyurl.com/4xcpwo

These rules are already impacting the process of obtaining a mortgage, which is really why I’m posting this here. Be prepared for your privacy to be absolutely assaulted (it feels that way) while going through the process. It really isn’t all that painful, but they do ask for more information, more often. I will be posting on new lender rules, and how they might impact your home purchase next week.

Until then, put on your “patience” hat when you go shopping….