Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : Senate Judiciary Committee considers Identity Theft Protection Act

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August 01, 2005

Senate Judiciary Committee considers Identity Theft Protection Act

The new law S. 1408, the Identity Theft Protection Act "would require data brokers and others covered by the law to develop, implement, and maintain an effective information security program to protect sensitive information. The safeguards include encryption, truncation, and other security measures currently available or under development."

This is according to ConsumerAffairs.com publication.

Last eighteen months or so haven't been good. Personal records of million Americans were jeopardized be security breaches at banks and credit card processing companies.

Under proposed law data brokers would have to immediately report security breaches that compromise 1,000 or more consumers to federal government and consumer agencies. Right now only California requires consumer notification. That is why a comprehensive federal law is needed.

The newly considered bill is already under attack from opponents who are lobbing to block new regulations such as consumer ability to freeze credit reports, tougher data security rules and mandatory notification of security breaches. They don't want state governments to have much stricter identity theft prevention laws.

Supporters demand even stronger measures claiming that proposed legislature doesn't go far enough. They want even tougher data security measures and special protection for Social Security Numbers.

 
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