|Received:||3/22/2004 8:00:00 AM|
|Agency:||Federal Trade Commission|
|Rule:||FACTA Free Reports Proposed Rule|
I believe many things would be accomplished by passage of this regulation: * Many more people would access their credit reports and be aware of what they contain. Hopefully this would encourage them to monitor their credit reports on a regular basis, and possibly stop identity theft in process with their credit. * Many cases of identity theft could be prevented. * Many cases of identity theft could be caught earlier, and be prevented from going on for months or years. ***This may or may not be relevant to this regulation, but I am compelled to say that: * There should be some kind of trigger in credit reports when there is a lot of activity, or high dollar amounts are being transacted. I think the consumer should receive this service as a courtesy so they can review transactions. * To take it one step further, I think an email alert should be triggered whenever there is a transaction which involves borrowing money. Bottom line: With identity theft at the levels they are, and getting worse, consumers should be given every tool/opportunity possible to know what is happening in their credit reports and the ability to do something about it. I believe consumers should have an ongoing relationship with their credit reports, just like credit cards, or any other type of bill.