Parts of this act includes: The prevention of identity theft victims, particularly, "fraud alerts" and "active duty alerts" as well as measures to reduce card information (credit and debit card account numbers) on printed receipts.

It also established the right to obtain 1 free credit report from each of the 3 major credit bureaus (Equifax, Experian, Transunion) per every 12 months.

The "red flag rule" was established. This rule requires the Federal Banking Agencies, the National Credit Union Administration, and the Federal Trade Commission to create regulations for banks, creditors and/or financial institutions regarding identity theft prevention. The "red flag rule" is/was intended to: "prepare a model summary of the rights of consumers ... with respect to the procedures for remedying the effects of fraud or identity theft..."

The bill also requires a secure method to dispose consumer information.