Late last week a bill to permanently reauthorize the expiring provisions of the Fair Credit Reporting Act (FCRA) and to help
consumers combat identity theft was introduced by several members of the House Financial Services Subcommittee on Financial Institutions.
Sponsors of the bill include Chairman Spencer Bachus (R-Ala.), Rep. Darlene Hooley (D-Ore.), Rep. Judy Biggert (R-Ill.), and Rep. Dennis Moore (D-Kan.), along with 28 additional members.
“The National Association of Independent Insurers (NAII) applauds Chairman Bachus for rallying bipartisan support and introducing legislation to reauthorize the FCRA. NAII strongly supports the uniform treatment of credit information and the renewal of the seven expiring FCRA provisions,” said Carl Parks, senior vice president, government relations. “NAII also recognizes the need to help consumers fight the growing crime of identify theft.”
The seven federal preemptions are slated to expire on Jan. 1, 2004. The introduction of The Fair and Accurate Credit Transactions Act (FACT) is a significant step by Congress in assuring reauthorization of these provisions, that deal with issues ranging from sharing credit information between affiliated companies to procedures by which consumers may dispute the accuracy of credit information occurs.
“Reauthorization of the FCRA provisions will provide businesses of all sizes with an opportunity to continue to best meet consumer needs, fight fraud, and help prevent identity theft. As the legislative process continues, NAII and its member companies look forward to working with Congress on this important legislation,” added Parks.
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