Identity theft is one of the fastest growing crimes in the U.S. According to the Federal Trade Commission, nearly 10 million Americans were victims of identity theft in 2005, resulting in losses of more than $50 billion. It can take months or even years for victims of identity theft to correct their credit records.
The Fair and Accurate Credit Transactions (FACT) Act, which I co-authored, contains the strongest identity theft protections ever enacted into federal law. Under the act, consumers are entitled to a free copy of their credit report from each of the three major credit reporting agencies annually, making it easier to monitor suspicious activity. Information on obtaining a free credit report may be obtained at www.annualcreditreport.com.
The FACT Act established a National Fraud Alert system for consumers and protects sensitive personal information by requiring that credit card numbers be shortened on receipts.
The Federal Trade Commission has a website (www.ftc.gov) with valuable information on how to protect yourself against identity theft and what to do if you suspect you have been victimized.