[Congressional Record Volume 149, Number 97 (Friday, June 27, 2003)]
[Extensions of Remarks]
[Page E1389]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




        H.R. 2035, THE IDENTITY THEFT AND FINANCIAL PRIVACY ACT

                                 ______
                                 

                            HON. MAX SANDLIN

                                of texas

                    in the house of representatives

                        Thursday, June 26, 2003

  Mr. SANDLIN. Mr. Speaker, I am pleased to add my name as a cosponsor 
of H.R. 2035, the Identity Theft and Financial Privacy Act.
  As Congress begins the process of reauthorizing various provisions of 
the Fair Credit Reporting Act FCRA, I hope that my colleagues will join 
me in supporting measures that help protect people from the growing 
problem of identity theft. Consumers' private financial information 
should be carefully guarded, and Congress must act promptly to ensure 
that credit bureaus provide individuals with updated, accurate 
information about their credit reports.
  H.R. 2035 is an important first step in Congress's efforts to prevent 
identity theft. By requiring consumer reporting agencies to provide 
free credit reports annually upon the request of a consumer, this 
legislation will allow individuals to detect identity theft at an early 
stage, before their credit reports are permanently damaged. Such 
reports can be the determining factor behind financial institutions' 
decisions to extend credit for the purchase of homes and durable goods 
such as cars and home appliances. Credit reports damaged by stolen 
identity and fraud can prevent hard working individuals and families 
from building better lives and attaining the desirable goals of home 
ownership and financial security.
  To that end, I am pleased that H.R. 2035 includes a provision that 
would require credit card issuers to confirm change of address requests 
if such a request is received within 30 days of a request for an 
additional card, and would amend the FCRA to require consumer reporting 
agencies to notify requesters of potential fraud when the request 
includes an address for the consumer that is substantially different 
from the most recent address on file with the consumer reporting 
agency.
  Finally, by requiring the truncation of credit card numbers on 
printed receipts, H.R. 2035 will curtail a common method by which 
identity theft so often occurs. In many instances, criminals have easy 
access to individuals' credit card numbers simply by viewing those 
numbers on printed receipts. In 2001, 73 percent of American households 
had at least one credit card, making a large segment of the country 
vulnerable to having their financial information stolen. This 
legislation will thwart a significant number of would-be identity 
thieves by blocking most of the numbers in a person's credit card 
account, thereby preserving and protecting sensitive, private financial 
information for the vast majority of the public.
  Congress has a responsibility to help the American people, and our 
national economy, prosper. Strengthening financial privacy laws and 
preventing identity theft will help to achieve these goals, and I 
encourage my colleagues to join me in supporting the Identity Theft and 
Financial Privacy Act.

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