WASHINGTON -- President George W. Bush signed a bill Thursday that makes it easier for consumers to get credit while also protecting against identity theft.

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The Fair Credit Reporting Act sets a national credit reporting standard to make it easier for people to get credit cards, loans and mortgages.

"Too often, lenders assumed the worst," Bush said Thursday. "And therefore, people with lower incomes, and immigrants with little or no credit history, people who lived in certain neighborhoods had a more difficult time getting affordable loans. And that's not fair, and it's not right, and it does not reflect the spirit of this country."

The bill also provides new protections against identity theft, including free credit reports and a national fraud-alert system to minimize damage once a theft has occurred.

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The problem of identity theft has been skyrocketing. According to the Federal Trade Commission, almost 10 million people were victimized last year.

The bill requires businesses to black out Social Security numbers, credit card numbers and debit card numbers on receipts -- which many businesses already do. It also requires the coding of medical information on credit reports.

Under the bill, consumers are able to get one free copy of their credit report every year. People who have been victims of identity theft can get two. It also provides one-call-for-all protection by requiring credit bureaus to share information on identity theft.

Some consumer groups complain the measure supersedes tougher state privacy laws that prevent businesses from sharing their customers' financial information with other companies. The bill prevents states from setting their own rules on how businesses use, share and report data on consumers. But businesses say that keeps finance flowing by not having to deal with 50 different privacy laws.

Additional Resources:

Fair Credit Reporting Act: Full Text
White House Fact Sheet