From the Reporters

ID Theft: One-Stop Reporting

 

Victims of identity theft will soon have streamlined service for beginning to rebuild their credit, according to an association representing 100 of the nation's largest financial institutions.

The Financial Services Roundtable, whose members include Wells Fargo, MBNA, and other banking giants, expects to launch the Identity Theft Assistance Center (ITAC) next year.

ITAC will provide a "single point of contact" -- typically the victim's primary financial institution -- for reporting identity theft. After obtaining an affidavit from the victim, ITAC will alert law-enforcement agencies, other financial institutions, and companies where the victim has accounts. "This means victims only have to tell their story once," rather than dealing with multiple forms and phone calls, the association says.

ITAC will be free to victims. Roundtable member Wells Fargo & Co. will launch a pilot project testing the concept by March 2004.