More Credit Info Could Be Coming Your Way

"I'm very critical that the Bush administration is using the hot-button issue of identity theft as a political football in the FCRA pre-emption debate," said Beth Givens, director of the Privacy Rights Clearinghouse.

"We should have a diverse group of ideas coming from a diverse number of places," added Ed Mierzwinski, consumer program director for the U.S. Public Interest Research Group in Washington. "Without the states pushing them, Congress rarely does anything."

Know the Score

Other groups say one of the bigger problems for consumers is the accuracy of their credit reports, something the new regulations would help to promote but not ensure. Many consumer advocates say credit reports are often riddled with inaccuracies stemming from the accidental merging of credit files of two different people, or from the unauthorized use of credit cards, as in the case of the Kertanises.

"To stop identity theft we need to do something about sloppy practices at banks," says USPIRG's Mierzwinski. "The bill doesn't punish them if they make mistakes."

And no matter what happens with the FCRA, consumer advocates say it's important to check on your credit score from time to time to make sure that it's accurate. For a fee, consumers can order credit reports from the country's three major reporting agencies: Equifax, Experian and TransUnion. They can also get their credit score, known as a FICO score, from Fair, Isaac and Co.

"People really ought to be checking for accuracy — not just identity theft but file merging," said Givens. "People should take a look at who's been accessing their credit reports."

As for the Kertanises, they're still battling with various credit card issuers to resolve their situation. But the damage has been done to their credit. Frank's credit score has dropped from 790 to 410, a score that would be given for a "high risk" borrower. Obtaining new credit is almost impossible for Frank while the couple tries to get the matter resolved.