Hooley and LaTourette, who serve both on the House panel, introduced HR 4311 earlier this year. Identity theft occurs when someone uses another's name, Social Security number, mother's maiden name, or any personally identifiable information to purchase goods or services- usually with credit cards. While credit issuers have been willing to refund fraudulent charges, victims are still faced with problems of ruined or destroyed credit, the time commitments of redeeming their name with multiple credit bureaus and credit issuers, and the fear and anxiety associated with knowing that someone is using all of their personal information to charge any manner of goods. As a result of identity theft, victims have been turned down for jobs, mortgages, and other important extensions of credit.
Identity theft is a growing problem.
The Privacy Rights Clearinghouse estimates that there will be 400,000 to 500,000 new cases of ID fraud this year and the Federal Trade Commission's 1-800 number for ID theft receives an average of 400 calls a week from people like Hooley's Oregon witness Shon Bolden of Hillsboro. About 8 months ago, Shon decided to switch from US Bank to Washington Mutual. He was denied an account there, and when they pulled his credit report they found that 10 to 15 people are using his SSN to obtain credit. As a result of this problem, he can't obtain credit anywhere. He also has been denied a personal loan and a car loan, so he's still driving his old '83 Oldsmobile.