I have frozen my credit. Have you?
Updated credit report law allows consumers to freeze and thaw their credit reports. It is now free for consumers to freeze their credit and they can lift that freeze for free, too.
Beginning today, September 21, 2018, the Federal Trade Commission (FTC) has enabled a new credit file protection layer — one the consumer controls.
Credit fraud experts say the new option is better than an alert, plus it covers the entire family.
It makes it harder for identity thieves to open new credit accounts under a consumer’s name.
This new act offers a bonus for parents concerned about their under-age 16 children who might be easily lured into getting a credit card of their own. Those children are also eligible to have their credit files frozen.
If a consumer asks for a freeze online or by phone, the credit reporting agency (CRA) must put the freeze in place no later than the next business day. You can place the freeze on-line immediately.
When the consumer needs to lift the freeze – for example, to finance a new phone, vehicle or, get a mortgage – the freeze must be lifted within an hour.
You must notify each of the three CRAs separately to freeze your credit on each of the three CRAs. Below are links to each of the three CRAs. Remember, you must notify each CRA to implement a freeze.
Image credit: AARP Blog
Financially Speaking™ James Spray RMLO, CNE, FICO Pro | CO LMO 100008715 | NMLS 257365 | September 21, 2018
Notice: The information on this blog is opinion and information. While I have made every effort to link accurate and complete information, I cannot guarantee it is correct. Please seek legal assistance to make certain your legal interpretation and decisions are correct for your situation. This information is not legal advice and is for guidance only. You may reproduce this information in whole and not in part, providing you give full attribution to James Spray.