Political Quotes

“House Resolution 830 provides for consideration of H.R. 5192, the Protecting Children From Identity Theft Act. The resolution calls for a closed rule, as no amendments to the bill were submitted. Mr. Speaker, this bipartisan legislation is designed to reduce identity fraud by allowing financial institutions to verify the accuracy of a name, Social Security number, and date of birth before passing that information to credit bureaus. This legislation is designed to target something known as synthetic identity fraud. This begins when a criminal combines a real Social Security number with fictitious information, such as a name and date of birth, to apply for credit with a financial institution that passes information to credit bureaus for a credit check. Credit bureaus create a record based on the fraudulent credentials. Over time, this creates a synthetic identity based on the valid Social Security number but a false name. Currently, children and other vulnerable individuals are more likely to be victims of synthetic identity theft because they do not drive, work, or establish credit. This makes it easier for an identity thief to misuse the Social Security number of a child without being detected. Reports indicate that over 1 million children have their identity stolen each year. Studies show that children are 50 times more likely than adults to be a victim of identity theft. This is a real and serious issue that is only becoming more and more common.…”