Financial Data Protection Act of 2005 - Amends the Fair Credit Reporting Act to prescribe safeguards for data security.
Declares that each consumer reporter shall have an affirmative obligation to implement policies and procedures to protect the security and confidentiality of any consumer's sensitive financial personal information maintained, serviced, or communicated by or on the reporter's behalf against any unauthorized use reasonably likely to result in substantial harm or inconvenience to the consumer.
Defines "consumer reporter" as any consumer reporting agency, financial institution, or person: (1) which, for monetary fees, dues, on a cooperative nonprofit basis, or otherwise regularly engages in the practice of assembling or evaluating consumer information for the purpose of furnishing consumer reports to third parties, of providing or collecting payment for or marketing products and services, or for employment purposes; and (2) which uses any means or facility of interstate commerce for such purposes.
Prescribes implementation guidelines that include: (1) investigation requirements; (2) investigation notices and system restoration requirements; (3) third party duties; (4) consumer notice; (5) financial fraud mitigation; and (6) free file monitoring.
Directs the Secretary of the Treasury, the Board of Governors of the Federal Reserve System, and the Federal Trade Commission jointly to develop implementing standards and guidelines.
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