S. Senator Maria Cantwell (D-Wash.) announced that she would introduce the Reclaim Your Identity Act of 2001 to combat the growing problem of identity theft. The bill fights identity theft by empowering consumers to
reclaim their identity and protecting consumers' good name from bad credit generated by fraud. The bill also increases information flow about identity theft between local, state, and federal law enforcement agencies to aid anti-terrorism activities. Finally, the bill preserves consumer rights to sue creditors in response to the recent Supreme Court ruling limiting consumer rights.
The Reclaim Your Identity Act addresses the recent U.S. Supreme Court ruling which denied a California woman the right to sue a credit reporting agency for allowing bad credit caused by identity theft to build up on her record. The Court ruled that the two-year statute of limitations in the Fair Credit Reporting Act ran from the time the crime was committed, even though the victim did not learn of the crime until more than two years had passed. As a result, her right to sue was denied. The bill would revise the statute of limitations so that the two-year period would not begin until the victim became aware of the fraud.
"Believe it or, when your identity is stolen, many businesses won't give you the records you need to reclaim your identity," said Cantwell. "This bill puts you first by requiring businesses to give you relevant records."
According to the Federal Trade Commission, identity theft is the fastest growing crime in America. Last year there were over 500,000 new victims of identity theft and, according to the Department of Treasury, reports of identity theft from financial institutions grew by 50% from 1999 to 2000. On average, it takes 12 months for a victim to learn that he or she has been a victim of identity theft. It takes another 175 hours and $808 of out-of-pocket expenses to clear their names.
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