I am writing to express my strong opposition to HR 3997, the so-called Financial Data Protection Act. This bill will overturn more than a dozen state laws that give consumers the right to protect themselves from identity theft.
Despite the bill's name, the Financial Data Protection Act will actually expose millions of Americans to an increased risk of financial fraud. As written, HR 3997 will strip away "credit freeze" protections that are currently available to tens of millions of Americans. Once activated by a consumer, a credit freeze prevents financial institutions from issuing any new credit without the explicit permission of the consumer.
As you may know, identity fraud is a nightmare scenario for many consumers. It can take years and thousands of dollars to restore a stolen identity. According to the Federal Trade Commission, nine million people each year fall victim to identity theft, costing consumers and businesses more than $50 billion dollars annually. We need your help to fight this problem.
Credit freeze is a major tool in combating identity fraud. Millions of Americans have the ability to freeze their credit thanks to state laws. However, HR 3997 will overturn those protections. I urge you to leave the existing consumer protections in place and give us access to the tools we need to fight identify fraud.
I look forward to hearing your thoughts on this issue.
Sincerely,
Your name
Your street address
City, State, Zip
