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Identity Theft News
FCRA To Enhance Consumers’ Ability To Resolve Problems Caused By Identity Theft
The FACT Act was signed into law on December 4, 2003. Pub.L. 108-159, 117 Stat.r/ 1952. Portions of the Act amend the FCRA to enhance consumers’ ability to resolve problems caused by identity theft. Section 153 of the Act (section 621(f)(2) of the FCRA), requires the Commission, in consultation with the Federal banking agencies and the National Credit Union Administration, to develop a model form and procedures to be used by identity theft victims for contacting and informing creditors and consumer reporting agencies of the fraud. Identity theft can occur in various forms, including the unauthorized use of existing accounts or the opening of new accounts. The steps that victims need to take to resolve their problems may vary depending on the type of identity theft. The Commission has published guidance for victims, which describes the different types of identity theft problems that victims can confront and the best means of recovery. This guidance includes the ID Theft Affidavit and sample letters as well as a description of the circumstances under which victims would use a particular form to contact creditors or consumer reporting agencies.1 2 To obtain an “Identity Theft Report,” the guidance advises consumers to file a report with a local, state, or federal law enforcement agency, such as the local police, the State Attorney General, the U.S. Secret Service, the FTC, or the U.S. Postal Inspection Service. The “Identity Theft Report” is comprised of this law enforcement report, in combination with specific information about the circumstances of the consumer’s identity theft and any additional information or documentation that a creditor or consumer reporting agency reasonably requests for the purpose of determining the validity of the consumer’s claim. See 16 C.F.R. § 603.3.
For example, an identity theft victim can use the ID Theft Affidavit to dispute with a creditor an account openeddifferent issues facing identity theft victims, yet it remains flexible enough to respond to the always changing circumstances of this crime. The Commission believes that publication of the revised booklet represents the best method of complying with the Act’s model form and procedures requirement. As set forth under section 153 of the FACT Act (section 621(f)(2) of the FCRA), the Commission has consulted with the Federal banking agencies and the National Credit Union Administration. Such consultation and this notice of the Commission’s publication containing model forms and procedures for identity theft victims fulfills the Commission’s statutory obligation.
Definition:
Skimming in known as the method of using a information storage device when processing credit or debit cards in order to obtain the card number and then use it fraudulently.
Opt-out
Definition:
Opting-out refers to the procedure of informing any institution that you don't want your personal information to be shared - a smart move to begin with.
Creditworthiness
Definition:
Credit worthiness predicts how likely you are to pay back a loan based on your past credit history.
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