WHEN DEALING WITH FACTA RED FLAGS RULES, WHAT IS A COVERED ACCOUNT?

Whenever you offer an individual or business the chance to purchase on credit and defer payment you are creating a "covered account" because you are "covering" the cost of the product and being paid back over time.

To help demonstrate the differences between account types, MicroBilt developed an interactive sorting game with some examples of covered accounts and other accounts. The user can simply choose an account card then drag and drop them into the appropriate folder. Give it a go and see how well you can do identifying covered accounts.

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