New Identity Theft Clearinghouse

The Financial Services Roundtable (FSR) recently announced the launch of a pilot program that will unite the nations' 100 largest financial services firms in a joint effort to help victims of identity theft. The FSR will sponsor an identity-theft victims' assistance center next year to streamline the process victims must go through to clear their name with their creditors and potential creditors. The American Banker reports that victims will alert their primary financial institution if they notice unauthorized account openings or withdrawals. The institution will take a report from the victim on a standardized affidavit form and send it on to the victims' assistance center. The center would help the consumer track and close fraudulent accounts, notify the three major credit bureaus, law enforcement agencies and the Federal Trade Commission's national identity theft database. Under the FSR plan, one call from the consumer replaces dozens of calls that victims would otherwise have to make.

In a press conference announcing the new clearinghouse for the FSR, Richard Kovacevich, CEO of Wells Fargo said "We need to streamline our procedures so we can help affected customers fast." In addition to helping consumers, the clearinghouse will assist law enforcement agencies in identifying patterns in the reports and apprehending thieves. FTC Chairman Timothy J. Muris said of the pilot program, "Victims benefit from increased assistance, law enforcement benefits through access to more complaints to support their work, and ultimately we all benefit by a reduction in a crime that costs us all more than $50 billion annually."