We support reforms to the financial marketplace to curb bad practices by banks and lenders.
Security Breaches
Individuals need to know when there is a breach to the security of their sensitive personal information such as a Social Security number, government identification number, payment card information, or account number which provides access to finances or to financial information. With notice consumers can take the necessary steps to prevent or detect identity theft. Consumers Union supports laws that require consumers be notified of a breach when it occurs. This requirement creates incentive for both companies and government agencies to work to prevent future security breaches.
Publications
- Federal legislators tell consumer reporting agencies to improve the security freeze
Congresswoman Maloney and Sen. Schumer have called on credit bureaus to make security freezes more affordable.
- Costly credit-monitoring services offer limited fraud protection
Consumer Reports says credit monitoring is overrated, oversold, and overpriced
- Summer, California
In 2005, Summer received an e-mail from the University of California at Berkeley informing her that their database had been hacked and that her personal information had been stolen.
- Bette, Florida
Although Bette’s identity was stolen in 2003, she did not find out about the theft until she received a bill from a collection agency in April 2006. The bill was for an account at a cable company in a city where Bette had never lived. Bette and her husband went to the cable company’s offices Continue Reading
- Naomi B, Florida
Miami resident Naomi B heard about the security breach at DSW a month before she was notified by the company that her personal information had been compromised. DSW urged Naomi B to check her credit reports to make sure there had been no fraudulent activity. For Naomi B, ensuring the safety of her identity became Continue Reading
- Margaret, Illinois
Margaret received a call from an angry bill collector, demanding that she pay a balance on a credit card. Margaret pointed out that she had never opened the credit card account in question. The bill collector called Margaret a “liar” and told her that she was going to lose her home and go to jail. Continue Reading
- John, Virginia
John and his wife were both victims of identity theft. They first discovered something was wrong when the thief tried to open multiple credit cards with American Express in his wife’s name. They soon learned that their names, Social Security numbers, dates of birth, address, and telephone number had been stolen and used to apply Continue Reading
- Lee, Miami Beach, FL
Lee’s nightmare with identity theft had a severe impact on his finances, career and health. His encounter began in late August 2005 when his wallet containing personal information was stolen. The next day, the thief opened three fraudulent credit accounts in his name, and used them to purchase items and services from various brand name Continue Reading
- Ann, FL
Ann dreads receiving another piece of mail from a collection agency demanding payment for overdue credit card bills run up by a crook who stole her identity. It has happened before, and Ann suspects that it could happen again. Everything began in 2004, when a fill-up at a local gas station turned into a thief’s Continue Reading
- Consumer Reports poll on public attitudes about the use of SSNs
Press Releases
- Bank of America computer tape loss puts 1.2 million at risk of ID theft
CU is working to enact stronger identity theft safeguards for consumers.
- Stronger ID theft protections urged in wake of ChoicePoint Fraud
More than a dozen states are considering tougher safeguards for consumers.
- Medicare cards pose identity theft risk for seniors
CU urges feds to stop using Social Security numbers on Medicare cards.
Blog Posts
- Congress to Vote Wednesday (9/10) on Weak ID Theft Laws and Basic Consumer Credit Protections
“The Fair and Accurate Credit Transactions Act,” HR 2622 would undermine states’ tougher identity theft and financial privacy laws.
- Share Your Story
If you, or anyone you know, has suffered identity theft through the loss of a wallet, mail, or other item containing a Social Security number, we would like to hear your story. Please write in the space provided and tell us if we can use your story in publications or on the internet to help other consumers avoid identity theft in the future.
- Fixing the Credit Reporting System
Consumer group analysis of house FCRA legislation: H.R. 2622.
- Proposed Changes to Fair Credit Reporting Act Do Not Go Far Enough to Protect Consumers
The House Committee on Financial Services marked up H.R. 2622, the ‘Fair and Accurate Credit Transactions Act of 2003.’ Even as currently amended, the bill does not go far enough to protect consumers from identity theft, and it may not substantially improve the accuracy of consumers’ vital personal financial information.
- New Texas Law To Help Combat Identity Theft
The Governor signed legislation to fight the growing epidemic of identity theft
- Identity Theft: Action and Prevention for Consumers
If you have been a victim of identity theft, there are government and nonprofit resources to help you.
- CU’s 2002 California Legislative Review
Important gains won for consumers on accounting and arbitration reform, auto emissions standards, and herbal supplement safety
- SB 773: Financial Information Privacy Act
Gives consumers the right to stop the sharing of information with affiliated companies
- CU and California Attorney General Co-Sponsor Bills to Curb Deceptive Sales Practices
Measures will require consumers to give permission before being billed
- ID-theft protection services typically not worth the money
The most visible response by big business to the epidemic of ID theft has been to roll out insurance and credit products that exploit fear of the crime.
Worried about retirement?
The stock market has been unusually volatile, plunging hundreds of points, creeping back, only to plunge again. It is hard to stay disciplined about saving when every dime you’ve invested can evaporate in a day.
What is your biggest concern about your own retirement? We want to hear from you.
Where to complain
Online, by mail, phone or fax... Agencies need to hear from you!