Identity Theft Notification and Credit Restoration Act of 2003 - Amends the Gramm-Leach-Bliley Act to require a financial institution to promptly notify the following entities whenever a breach of personal information has occurred at such institution: (1) each customer affected by such breach; (2) certain consumer reporting agencies; and (3) appropriate law enforcement agencies. Requires any person that maintains personal information for or on behalf of a financial institution to promptly notify the institution of any case in which such customer information has been breached. Prescribes notification procedures.
Authorizes a customer injured by a violation of this Act to institute a civil action to recover damages.
Amends the Fair Credit Reporting Act to require a consumer reporting agency to include a fraud alert in a consumer file: (1) upon notification by financial institution; and (2) upon consumer request.
Requires a consumer reporting agency to ensure that each person procuring credit information with respect to a consumer is made aware of the existence of a fraud alert in the consumer's file, regardless of whether a full credit report, credit score, or summary report is requested.
Mandates no-cost consumer access to credit reports and scores once during each calendar year and once every three months during the one-year period beginning on the date on which a fraud alert is included in the consumer file.
Directs the Federal Trade Commission (FTC) to promulgate implementing regulations.
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