Debt Consolidation Yes: Identity Theft

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Fighting Identity Theft

Statistics show that identity theft is on the rise with thieves using more and more sophisticated techniques to get from you, or other sources, the information they need to assume your identity and commit fraud against you and other merchants. Sometimes it is as easy as a thief picking up a dropped or carelessly disposed of credit card receipt, or as complicated as installing a fake card reader to capture your bank account number along with a hidden camera to record your secret PIN code. These criminals are becoming more brazen in their attempts to take your identity then ruin your credit, or empty your bank accounts.

To fight this new threat the Federal Trade Commission, Social Security Administration, the credit bureaus and the financial industry has banded together and encouraged new legislation to protect themselves and consumers. Some of the measures are:

The Fair and Accurate Credit Transaction Act, or FACTA, is designed to reduce the incidence of identity theft and to help victims of identity theft recover.
Requiring merchants to shorten the credit account numbers on the receipts so that anyone who has access to the receipts will not be able to use the information fraudulently. They are also working on rules for disposing of sensitive consumer information that is no longer needed

A provision that will require credit reporting agencies to stop reporting allegedly fraudulent account information when a consumer establishes that he or she has been the victim of identity theft;

A provision that requires creditors or businesses to provide copies of business records of fraudulent accounts or transactions related to them. This information can assist victims in proving that they are, in fact, victims. For example, they may be better able to prove that the signature on the application is not their signature.

A provision that will allow consumers to report accounts affected by identity theft directly to creditors - in addition to credit reporting agencies - to prevent the spread of erroneous credit information.

The Fair Credit Reporting Act (FCRA) is designed to help ensure that Credit Reporting Agencies (CRA's) furnish correct and complete information to businesses to use when evaluating your application. Under the Fair Credit Reporting Act: (FCRA) you have certain rights that protect you.

You have the right to receive a copy of your credit report. The copy of your report must contain all of the information in your file at the time of your request.
§ You have the right to know the name of anyone who received your credit report in the last year for most purposes or in the last two years for employment purposes.

§ Any company that denies your application must supply the name and address of the CRA they contacted, provided the denial was based on information given by the CRA.

§ You have the right to a free copy of your credit report when your application is denied because of information supplied by the CRA, or if you are on public assistance. Your request must be made within 60 days of receiving your denial notice.

For more information, contact the FTC at: http://www.consumer.gov/idtheft/, and http://www.ftc.gov/opa/2004/11/facta.htm