Download Locations:
Summary:
One of the ways in which victims of identity theft may recover for financial harm
is by filing suit under the Fair Credit Reporting Act. However, the Act imposes a two
year statute of limitations on suits filed. On November 13, 2001, the Supreme Court
decided a case interpreting when the Act's statute of limitations begins to run. In that
case, the Court held that the statute of limitations begins to run when inaccurate
disclosures first occur, and not when the consumer learns of the inaccuracies in his
report.
Several pieces of legislation attempting to provide consumers with additional time
to file suit have been introduced in response to the Court's decision. This report will
provide a brief summary of the Fair Credit Reporting Act provisions in question, as well
as an analysis of the recent Supreme Court decision and an overview of recent
legislation (S. 22 and H.R. 818) introduced in response to that decision. This report will
be updated as events warrant.
