ID Theft Prevention Bill Clears Senate Floor
Helping people protect themselves from identity theft by giving them the ability to lock and unlock their credit reports in 15 minutes is the goal of SB 1744 by California State Senator Debra Bowen (D-Redondo Beach), which passed the full Senate today on a 24-11 vote.
"The security freeze is the only tool that's proven effective in stopping identity thieves in their tracks," said Bowen, who authored California's first-in-the-nation security freeze law in 2001 and a number of the state's other ground-breaking identity theft prevention laws. "When you freeze your credit report, you're safe even if someone gets their hands on your Social Security number because anyone who applies for a car loan, credit card, mortgage, cell phone service, or anything else using your name and Social Security number will run into a brick wall."
Under California law, SB 168 (Bowen) which took effect in 2003, credit reporting agencies must allow people to place a "security freeze" on their credit reports in order to prevent identity theft. People who place a freeze on their credit report can already lift the freeze in order to get, for example, a new loan or credit card, but currently it can take up to three days to lift the freeze. SB 1744 requires credit bureaus to give people the ability to lift a freeze on their credit report within 15 minutes by September 1, 2008. The credit bureaus must already set up systems to do 15-minute lifts for residents of Utah and New Jersey under new laws passed in those states.
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"The security freeze is the only tool that's proven effective in stopping identity thieves in their tracks," said Bowen, who authored California's first-in-the-nation security freeze law in 2001 and a number of the state's other ground-breaking identity theft prevention laws. "When you freeze your credit report, you're safe even if someone gets their hands on your Social Security number because anyone who applies for a car loan, credit card, mortgage, cell phone service, or anything else using your name and Social Security number will run into a brick wall."
Under California law, SB 168 (Bowen) which took effect in 2003, credit reporting agencies must allow people to place a "security freeze" on their credit reports in order to prevent identity theft. People who place a freeze on their credit report can already lift the freeze in order to get, for example, a new loan or credit card, but currently it can take up to three days to lift the freeze. SB 1744 requires credit bureaus to give people the ability to lift a freeze on their credit report within 15 minutes by September 1, 2008. The credit bureaus must already set up systems to do 15-minute lifts for residents of Utah and New Jersey under new laws passed in those states.
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posted by Dave at 1:44 PM
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