Rep. Patrick McHenry (R-NC) recently introduced a measure designed to amend the Fair Credit Reporting Act by allowing national security freezes for consumer files and credit records.
The Promoting Responsible Oversight of Transactions and Examinations of Credit Technology Act of 2017 or PROTECT Act would also create a national framework for credit freezes so victims of identity theft, active military personnel, people over 65 years of age and children are protected. The bill would stop credit bureaus from using Americans’ social security numbers as a basis for identification by 2020.
“The Equifax data breach has harmed my constituents in western North Carolina and Americans across the country,” McHenry said. “It exposed a major shortcoming in our nation’s cybersecurity laws and Congress must act. The bill I’ve introduced prevents future harm to all Americans by requiring the largest credit reporting agencies to be subjected to the same standards and supervision as the rest of the financial industry. It prohibits the largest credit reporting agencies from continuing to rely upon the most sensitive of Americans’ personal information: our social security numbers.”
McHenry’s legislation comes on the heels of the Equifax data breach exposing the personal data of over 140 million Americans. The proposed legislation would require the federal government to create uniform cybersecurity standards for credit bureaus and submit them to onsite examinations, McHenry said.
“It prevents future harm to all Americans by requiring the largest credit reporting agencies to be subjected to the same standards and supervision as the rest of the financial industry,” McHenry said.