Veterans Identity and Credit Security Act of 2006

[AI summary unavailable — showing source text] Veterans Identity and Credit Security Act of 2006 - Requires: (1) the Director of the Office of Management and Budget (OMB) to establish policies and standards for federal agencies to follow in the event of a breach of data security involving the disclosure of sensitive personal information; and (2) each federal agency to establish procedures for notifying individuals whose sensitive personal information is compromised. Establishes in the Department of Veterans Affairs (VA) an Under Secretary for Information Services. Outlines responsibilities of the VA's Chief Information Officer with respect to personal information security management. Requires the Secretary of Veterans Affairs to report quarterly to the congressional veterans' committees on any data breach with respect to sensitive personal information possessed or maintained by the VA. Requires within the VA, with respect to each data breach, an independent risk analysis to determine the level of risk for the potential misuse of such information. Provides for, after a data breach: (1) fraud alerts; (2) credit security freezes; and (3) credit protection services. Outlines requirements for contractors who contract to perform any …