Mr. Speaker, I thank my good friend, the gentleman from Massachusetts, for yielding me this time. During floor debate of the Fair and Accurate Credit Transaction Act back in September, I told a story of a constituent who had her purse…
Mr. Speaker, I thank my good friend, the gentleman from Massachusetts, for yielding me this time.
During floor debate of the Fair and Accurate Credit Transaction Act back in September, I told a story of a constituent who had her purse stolen and ended up spending hours trying to clean up her credit files as a result. It got so bad, in fact, that the police officer suggested it would be easier for her to change her name than to deal with the damage caused by the result of a theft. At that time, I continued on to say that something is wrong with the law when a law enforcement official suggests changing your identity in order to protect yourself from identity theft.
Well, I am ecstatic to report to everyone that after 4 years' struggle, the law is changing. Today the House and Senate conferees met and approved the Fair and Accurate Credit Transaction Act, a bill that will do many things to protect consumers and safeguard our Nation's credit system. Above all, however, this legislation will put in place landmark protections against identity theft, the fastest-growing crime in the United States.
This legislation has been a long time coming and is the result of a lot of hard work by a number of Members of Congress. I would especially like to thank the gentleman from Massachusetts (Mr. Frank) and the gentleman from Ohio (Mr. Oxley) for all of their incredible work; Senator Sarbanes and Senator Shelby for the leadership they have shown through a bipartisan conference process; and a special thanks to
the gentleman from Alabama (Mr. Bachus) and the gentleman from Ohio (Mr. LaTourette) for the long hours they put in on this piece of legislation. Because of these leaders' work and the incredible staff that worked with us, we have a conference report that takes the best provisions from the Senate and the best provisions from the House to pass this piece of legislation.
I will share a few of the consumer protections it provides, and I will insert the remainder of this list in the Congressional Record.
First of all, it provides consumers with a free credit report, gives consumers the right to see their credit scores, provides consumers with broad new medical privacy rights, gives the consumers the ability to opt out of information-sharing between affiliated companies for marketing purposes, and establishes a financial literacy commission. Those are just a few.
I am proud of how the committee worked together. I think we were the poster child of how this process should be run. I am proud of the substance of this conference report that is good for consumers and good for businesses. I urge all of my colleagues on both sides of the aisle to support our Nation's consumers by voting ``yes'' for the conference report.
The agreement reached by conferees today will:
General Provisions:
Provide consumers with a free credit report every year from
each of the three national credit bureaus, from a single
centralized source;
Give consumers the right to see their credit scores;
Provide consumers with broad new medical privacy rights;
Give consumers the ability to opt-out of information
sharing between affiliated companies for marketing purposes;
Establish a financial literacy commission and a national
financial literacy campaign;
Ensure that consumers are notified if merchants are going
to report negative information to the credit bureaus about
them; and
Extend the seven expiring provisions of the Fair Credit
Reporting Act.
Identify Theft Provisions:
Allow consumers to place ``fraud alerts'' in their credit
reports to prevent identify thieves from opening accounts in
their names; including special provisions to protect active
duty military personnel;
Require creditors to take certain precautions before
extending credit to consumers who have placed ``fraud
alerts'' in their files;
Allow consumers to block information from being given to a
credit bureau and from being reported by a credit bureau if
such information results from identify theft;
Provide identify theft victims with a summary of their
rights;
Provide consumers with one-call-for-all protection by
requiring credit bureaus to share consumer calls on identify
theft, including requested fraud alert blocking.
Prohibiting merchants from printing more than the last 5
digits of a payment care on an electronic receipt;
Require banks to develop policies and procedures to
identify potential instances of identify theft;
Require financial institutions to reconcile potentially
fraudulent consumer address information; and
Require lenders to disclose their contact information on
consumer reports.