Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Congress is closing on identity theft legislation

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August 09, 2005

Congress is closing on identity theft legislation

The site www.cioinsight.com reports that "Congress Nears Final Identity Theft Legislation".

There are three main legislative components that have credit industry and consumer advocate groups at each other throats.

First, the bill doesn't specifically exempt encrypted data.

Second, even single consumer data breach would trigger automatic notification. Under other provisions, consumers only were to be notified if security breach would impact several thousand consumers.

Third and the most heatedly debated is the consumer's right to freeze credit report.

The story goes on saying that this legislation will likely be "watered down" because of industry opposition to the credit report freeze. What is interesting though, as it points out, only "4,000 Californians had frozen their credit reports in the three years of the law's existence."

That is quite stunning considering all the news we have been getting lately about identity theft and personal data security breaches. May be this number is old and folks will catch up. If not, then credit industry has nothing to worry about.

 
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