144 
mentation of this section by the regulators 
described in subsection (k)(1).’’. 
(b) CLERICAL AMENDMENT.—The table of 
sections for the Fair Credit Reporting Act is 
amended by inserting after the item relating 
to section 629 the following new item: 
‘‘630. Data security safeguards.’’. 
(c) EFFECTIVE DATE.—The provisions of sec-
tion 630 of the Fair Credit Reporting Act (as 
added by this section), other than subsection 
(k) of such section, shall take effect on the date 
of publication of the regulations required 
under paragraph (3) of such subsection, with 
respect to any person under the jurisdiction of 
each regulatory agency publishing such regu-
lations. 
SEC. 3. NATIONAL SUMMIT ON DATA SECURITY. 
Not later than April 30, 2008, the President 
or the designee of the President shall convene 
a National Summit on Data Security Safe-
guards for Sensitive Personal Financial Infor-
mation in the District of Columbia. 
SEC. 4. GAO STUDY. 
(a) STUDY
REQUIRED.—The Comptroller 
General shall conduct a study to determine a 
system that would provide notices of data 
VerDate Aug 31 2005 
02:49 Jun 03, 2006
Jkt 049200
PO 00000
Frm 00144
Fmt 6652
Sfmt 6204
E:\BILLS\H4127.RH
H4127
bajohnson on PROD1PC72 with BILLS
145 
breaches to consumers in languages other 
than English and identify what barriers cur-
rently exist to the implementation of such a 
system. 
(b) REPORT.—The Comptroller General 
shall submit a report to the Congress before 
the end of the 1-year period beginning on the 
date of the enactment of this Act containing 
the findings and conclusion of the study under 
subsection (a) and such recommendations for 
legislative and administrative action as the 
Comptroller General may determine to be ap-
propriate. 
SEC. 5. ENHANCED DATA COLLECTION ON DATA SECURITY 
BREACHES AND ACCOUNT FRAUD. 
In order to improve law enforcement ef-
forts relating to data security breaches and 
fighting identity theft and account fraud, the 
Federal Trade Commission shall compile in-
formation on the race and ethnicity of con-
sumers, as defined and volunteered by the con-
sumers, who are victims of identity theft, ac-
count fraud, and other types of financial 
fraud. The Commission shall consult with the 
various international, national, State, and 
VerDate Aug 31 2005 
02:49 Jun 03, 2006
Jkt 049200
PO 00000
Frm 00145
Fmt 6652
Sfmt 6204
E:\BILLS\H4127.RH
H4127
bajohnson on PROD1PC72 with BILLS
146 
local law enforcement officers and agencies 
who work with such victims for the purpose of 
enlisting the cooperation of such officers and 
agencies in the compilation of such informa-
tion. Notwithstanding any other provision of 
law, such compilation of information shall be 
made available exclusively to the Commission 
and law enforcement entities. 
SEC. 6. CLARIFICATION RELATING TO CREDIT MONITORING 
SERVICES. 
(a) IN GENERAL.—Section 403 of the Credit 
Repair Organizations Act (15 U.S.C. 1679a) is 
amended— 
(1) by striking ‘‘For purposes of this 
title’’ and inserting ‘‘(a) IN GENERAL.—For 
purposes of this title’’; and 
(2) by adding at the end the following 
new subsection: 
‘‘(b) CLARIFICATION WITH RESPECT TO CER-
TAIN CREDIT MONITORING SERVICES UNDER CER-
TAIN CIRCUMSTANCES.— 
‘‘(1) IN
GENERAL.—Subject to para-
graph (2)— 
‘‘(A) the provision of, or provision 
of access to, credit reports, credit mon-
VerDate Aug 31 2005 
02:49 Jun 03, 2006
Jkt 049200
PO 00000
Frm 00146
Fmt 6652
Sfmt 6204
E:\BILLS\H4127.RH
H4127
bajohnson on PROD1PC72 with BILLS
147 
itoring notifications, credit scores and 
scoring algorithms, and other credit 
score-related tools to a consumer (in-
cluding generation of projections and 
forecasts of such consumer’s potential 
credit scores under various prospec-
tive trends or hypothetical or alter-
native scenarios); 
‘‘(B) any analysis, evaluation, and 
explanation of such actual or hypo-
thetical credit scores, or any similar 
projections, forecasts, analyses, eval-
uations or explanations; or 
‘‘(C) in conjunction with offering 
any of the services described in sub-
paragraph (A) or (B), the provision of 
materials or services to assist a con-
sumer who is a victim of identity theft, 
shall not be treated as activities described 
in clause (i) of subsection (a)(3)(A). 
‘‘(2) CONDITIONS
FOR
APPLICATION
OF 
PARAGRAPH (1).—Paragraph (1) shall apply 
with respect to any person engaging in 
any activity described in such paragraph 
only if— 
VerDate Aug 31 2005 
02:49 Jun 03, 2006
Jkt 049200
PO 00000
Frm 00147
Fmt 6652
Sfmt 6204
E:\BILLS\H4127.RH
H4127
bajohnson on PROD1PC72 with BILLS