Magna Carta News
Thursday, November 06, 2003
Senate expands protections against ID theft
By JESSE J. HOLLAND
The Associated Press
WASHINGTON -- The Senate on Wednesday agreed to give Americans new weapons against identity theft, including access to their credit scores, a free e-mailed copy of their credit report annually and one-call-for-all fraud reporting.
But the bill approved by the Senate 95-2 also pre-empts tougher state privacy laws that prevent businesses from sharing their customers' financial information with other companies, consumers groups complain.
Business owners say that keeps the economy working smoothly under one national set of privacy laws rather than 50 state ones.
At issue are changes to the Fair Credit Reporting Act, which created a national credit reporting standard to make it easier for people to get credit cards, loans and mortgages.
"I believe we have achieved the difficult objective of striking the proper balance between enhancing the rights of consumers and improving the efficient operation of our credit markets," said Sen. Richard Shelby, R-Ala., chairman of the Senate Banking, Housing and Urban Affairs Committee.
The House had passed its version by a 392-30 vote.
Reauthorizing the law, which expires at year's end, is a congressional priority.
Members of both parties agree that the current national credit reporting system helps the economy by offering consumers quick credit.
Lawmakers also are pushing stronger protections against identity theft, the fraudulent use of another person's private information, credit cards and such for personal gain. The law also would give all Americans free credit reports annually from credit bureaus to help them understand their credit scores and reasons for denial or approval of credit.
Salt Lake City Tribune story
