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(From Technews.com)
Byline: Michelle Singletary
Here's something that should go into the category of "It's about time."
Congress has passed legislation that would give consumers some new protections against a growing and costly problem -- identity theft.
The Fair and Accurate Credit Transactions Act of 2003, which President Bush is expected to sign, would, among other things, create a national fraud-alert system so consumers would have to make just one telephone call to report fraudulent activity.
The law, which updates the Fair Credit Reporting Act, would also grant consumers one free credit report per year from each of the major credit bureaus -- TransUnion, Equifax and Experian. For most consumers, that alone will be a savings of about $27 -- credit reports generally cost about…