Bush Signs Landmark ID Theft Legislation

December 5, 2003

President Bush today signed into law H.R. 2622, the Fair and Accurate Credit Transactions Act. The bill, which House Financial Services Committee Chairman Michael G. Oxley called "job one"of the Committee this year, gives consumers unprecedented tools to fight identity theft and continued access to the most dynamic credit markets in the world.

Included in the legislation are provisions entitling consumers to one free credit report per year and access to their credit score. The legislation also creates a national fraud alert system to simplify consumers’ ability to report fraudulent activity, and enacts a host of common sense protections for consumers’ personal information.

"This is the most significant consumer protection and financial literacy legislation passed by Congress in decades,"Oxley said. "With a free credit report and powerful new tools to fight fraud, consumers have the ability make identity theft a crime of the past. This legislation is a tribute to the legislative process and the bipartisanship of this Congress.”