The Social Security Administration, Federal Trade Commission and Associated Credit Bureaus–the credit reporting industry’s trade association–have endorsed a Senate bill to reduce identity theft.
The Identity Theft Prevention Act, which would amend a number of existing federal laws, including the Social Security and Fair Credit Reporting Acts, is just one of several measures the House and Senate are considering to combat identity theft.
The legislation would impose new obligations on the credit-granting and information industries as well as a number of government agencies, which would be responsible for enforcing its mandates.
The credit reporting industry would be required to notify credit grantors of obvious discrepancies in an individual’s credit file, such as two different mailing addresses for the same account, or other unusual activities relating to a person’s credit accounts.
Jodi Bernstein, the FTC’s director of consumer protection, reported that the FTC has received more than 20,000 complaints about identity theft since November, when the agency launched its identity theft hotline.
Of that number, she said, 54% of the complainants said thieves illegally used their credit cards. Also, 26% falsely used credit information, including Social Security numbers, to obtain telephonic or other utility services; 16% reported raids on their checking and/or savings accounts; and 11% said identity thieves used their personal information to obtain unauthorized loans.
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