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Credit reports and identity thefts
A Wisconsin draft bill that proposes to allow customers to freeze their credit reports points to a deeper problem – something that needs to be tackled on a war footing. Identity theft has not only become a common feature across the country nowadays, it is also rising at an alarming rate. This has caused consternation in Wisconsin, which has seen an almost unbelievable rise in the number of cases where people’s identities had been compromised.
Between 2002 and 2004, reports of identity theft in the state grew by 49 percent! The draft bill, which will be introduced in the next few weeks, aims to put a stop to this disturbing trend. It proposes measures that will allow consumers to freeze their credit reports.
This will prevent criminals from misusing the information. Social Security numbers are a prime concern and the draft bill proposes limits on when businesses can collect the number from their clients. Heavy penalties on the bill aim to serve as deterrents to prospective criminals.
The draft bill has also inserted provisions that will allow consumers to ask credit reporting agencies not to share their credit reports without their consent. This is by no means a revolutionary idea. Quite a few states have already made legal provisions that allow consumers to freeze their reports.
Another bill to protect consumers includes a provision that requires businesses to intimate customers within 30 days if their identities have been compromised or personal identities stolen.
But a major cause for concern is how to stem the flow of personal information to foreign countries. Identity thefts today are being carried out on foreign shores. This makes enforcement almost impossible. And that brings us back to square one – how can you effectively protect your personal information and prevent it from going into wrong hands?
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