pay for the service by the month or year. “Every time there is a change to your credit report, you get an e-mail within 24 hours, along with a phone number to call if it is something you don’t recognize,” Holland says. “You only have to get one credit monitoring system. It covers all three agencies.”
Although Experian (www.experian.com) does not have its own credit monitoring service, you can still place a fraud alert with the agency. The initial fraud alert stays on your file for 90 days. The extended fraud alert lasts seven years.
To report fraud, call Equifax at 800-525-6285, Experian at 888-387-3742, and TransUnion at 800-680-7289.
Legislation and Identity Theft
The Identity Theft and Assumption Deterrence Act, enacted in October 1998, makes identity theft a crime punishable by fines and between 15 and 30 years in prison.
The U.S. Postal Service and government agencies such as the Secret Service, FBI, and Social Security Administration investigate violations of the act. The Department of Justice prosecutes federal identity theft cases.
Last July, the Senate passed the Identity Theft Penalty Enhancement Act, legislation that increases existing penalties for identity theft. Those who commit aggravated identity theft — stealing another’s identity to commit other crimes — must serve a mandatory two-year prison term, in addition to whatever penalties are carried by the related crime. Those who commit identity theft in connection with a terrorist act must serve an additional five-year mandatory prison term. And from fiscal year 2005 to 2009, the Senate has allocated $2 million per year for the Department of Justice to investigate and prosecute identity theft and credit card fraud.
Also in July, Sen. Patrick Leahy (D-Vt) introduced the Anti-Phishing Act of 2004 but it wasn’t passed. In February 2005, Leahy reintroduced and subsequently passed the bill as the Anti-Phishing Act of 2005. Under the terms of the bill, it is a federal crime to create Websites or e-mails that mimic legitimate businesses for the purpose of collecting personal information from consumers, a practice know as phishing. Phishers can receive up to five years in prison and a $250,000 fine.