"Protection" Act Would Strip Consumers of Credit Safeguards

The US House of Representatives is poised to consider a bill that would make it more difficult for consumers to protect their credit from identity thieves. Backed by the lucrative financial-services industry, the Financial Data Protection Act of 2005 would narrow the circumstances in which consumers could restrict their credit activity to prevent fraudulent borrowing, and it would undermine stronger state-based reporting rules for companies that hold and sell consumer data.

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