National Consumer Credit Reporting System Improvement Act of 2003

Summary

National Consumer Credit Reporting System Improvement Act of 2003 - Amends the Fair Credit Reporting Act to require a consumer reporting agency, upon consumer request, to: (1) include a fraud alert in the consumer's file for a seven-year period; and (2) refer such fraud alert to other consumer reporting agencies. Mandates truncation of credit card and debit card numbers. Requires Federal banking agencies, the National Credit Union Administration (NCUA), and the Federal Trade Commission (FTC), to establish identification procedures for identity theft incidents. Increases the Federal criminal penalty for identity fraud. Requires the FTC to: (1) prepare a model summary of rights for identity theft victims; and (2) implement a public education campaign on identity theft. Requires a consumer reporting agency to block the reporting of information that the consumer alleges resulted from identity theft. Prescribes guidelines for: (1) coordination of consumer complaint investigations; (2) prevention of repollution of consumer reports; (3) debt collector communications regarding identity theft; (4) free annual credit reports; (5) free disclosures in connection with fraud alerts; (6) summary of consumer rights to obtain and dispute information in consumer reports and to obtain credit scores; (7) consumer reporting agency disclosure of credit scores; (8) enhanced disclosure of the means available to opt out of prescreened lists; and (9) a special disclosure and consumer opt-out rule on affiliate sharing of consumer report information for marketing solicitations. Directs the Federal banking agencies, NCUA, and the FTC to establish and update periodically guidelines for persons furnishing information to consumer reporting agencies regarding accuracy and completeness of consumer information. Requires the Board of Governors of the Federal Reserve System to conduct ongoing audits of the accuracy and completeness of consumer reports prepared or maintained by consumer reporting agencies. Prohibits the use and sharing of medical information by consumer reporting agencies unless specified requirements are met. Prescribes confidentiality guidelines for medical contact information in consumer reports. Financial Literacy and Education Improvement Act - Establishes the Financial Literacy and Education Commission to: (1) improve Federal financial literacy and education programs, grants, and materials; (2) establish a toll-free telephone number for the public; and (3) develop a national strategy to promote basic financial literacy and education.

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Documents

4 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 17 October 2003

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• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 17 October 2003

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• Reported to Senate without amendment

  summary · EN · 17 October 2003

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• Introduced in Senate

  summary · EN · 17 October 2003

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