It appears that Identity Theft has become so rampant that consumer groups are working hard to get legislation passed so that more of the burden is on the backs of the credit card providers and credit bureaus than on the backs of the consumers whose identities have been stolen.
The legislation that victims and consumer groups are pushing has three themes. They want:• More accountability from credit bureaus and creditors. Some contend creditors are too quick to issue credit because they are motivated by the sale that might be lost by delaying approval.
• More help from law enforcement agencies that face jurisdictional issues when the victim lives in one city and the theft has occurred in another. Victims often track down thieves themselves.
• Credit bureaus to be more careful with information and more diligent at resolving disputes. It can take years to clear mistakes from credit reports.
I have represented a few clients who were having problems after getting their identity stolen. I understand the headaches that credit companies and credit reporting agencies put you through in any attempt to clear things up. Yes, I agree, it is time to put the burden on the right shoulders. If the companies would work harder to strengthen up strategies so as to stop this dilemma from going on and on, then maybe the dilemma would fade away. I bet if they had to shoulder the burden in these fraud situations, you can bet the bottom line of profitability would cause them to find solutions.
Posted by Tiger at May 24, 2003 09:01 PM | TrackBack