valuable to thieves because most children do not have existing files, and their parents may not notice fraudulent activity until their child applies for a student loan, a job, or a credit card. As a result, the fraudulent activity of the bad actors may go undetected for years. (C) Despite the increasing incidents of children’s ID theft, parents who want to proactively prevent their children from having their identity stolen, may not be able to do so. Nationwide Federal law to address this issue is lacking. (D) Each year, more than 10 million American consumers are victims of identity theft, costing them roughly $20 billion annually. (E) American consumers spend billions of dollars annually on products aimed at protecting their identity. As risks to consumers’ personal and financial information continue to grow, consumers need additional protections to ensure that they have fair and reasonable access to the full suite of ID theft and fraud prevention measures that may be right for them. 3. Effective date Except as otherwise specified, the amendments made by this Act shall take effect 2 years after the date of the enactment of this Act. 4. General Bureau rulemaking Except as otherwise provided, not later than the end of the 2-year period beginning on the date of the enactment of this Act, the Bureau of Consumer Financial Protection shall issue final rules to implement the amendments made by this Act. I Restoring the impaired credit of victims of predatory activities and unfair consumer reporting practices 101. Shortens the time period that most adverse credit information stays on consumer reports (a) In general Section 605 of the Fair Credit Reporting Act ( 15 U.S.C. 1681c ) is amended— (1) in subsection (a)— (A) by striking Except as authorized under subsection (b), no and inserting No