topic New credit freeze in Credit in the News

New credit freeze

CreditBob — Sun, 07 Oct 2007 21:12:34 GMT

Experian, Equifax, & Transunion Credit Bureaus will start allowing all consuemrs to add a credit freeze to their reports. Tomorrow I will be personally sending letetrs toa ll three bureus and asking them if after a credit freeze is added to a credit profile can the individual consuemr still be able to monitor their reports & scores through MYFICO and TrueCredit for example. I told them in my letter that the restriction needs to be for lenders or creditors onlya nd not the actual cosnumer. Listed below is two news articles form USA Today newspaper so you can read for yourself. I also pasted the links to each of the credit bureaus.

http://www.usatoday.com/money/perfi/credit/2007-09-20-credit-freeze_n.htm?loc=interstitialskip

http://www.usatoday.com/money/perfi/credit/2007-10-04-experian-credit-freeze_N.htm?csp=34

http://www.equifax.com/cs/Satellite/EFX_Content_C1/1165255679060/5-1/5-1_Layout.htm?packedargs=Locale=en_US

http://www.experian.com/consumer/security_freeze.html

http://www.transunion.com/sites/corporate/personal/fraudIdentityTheft/preventing/securityFreeze.page

Let all of know if any other member has found additional information.

Re: New credit freeze

Anonymous — Mon, 08 Oct 2007 21:51:27 GMT

Montana appears to have the cheapest credit freeze laws at $3 per CRA to add or lift for non-victims.

I suspect the CRAs are embracing credit freezes because they believe it will make them money and stop legislation which might demand $1 credit freezes or even free credit freezes. And because if it ain't in the statutes, they can start diddling with the details.

Some states also place requirements, like Washington's that kicks in next year, to free or lift within 15 minutes, 24/7 I believe.

Re: New credit freeze

Anonymous — Tue, 09 Oct 2007 18:31:27 GMT

In DC it costs $10 to place a freeze, but nothing to lift.

I've had a lot of trouble with temp freeze lifts. I lifted, but wasn't able to get my TU report online from annualcreditreport.com. The company who needed to pull my report couldn't get it either. In desperation I bought a report thru myfico.com. If I ever need a mortgage, I'll have to start the thaw at least 6 months in advance ...

Credit freeze -- great idea in theory, lousy in execution.

Re: New credit freeze

Anonymous — Fri, 12 Oct 2007 13:55:42 GMT

masdeocho wrote:

Credit freeze -- great idea in theory, lousy in execution.

Your experience is precisely why credit freeze is NOT something we want left up to the CRAs. There needs to be tough state laws in every state--if not a federal credit freeze law.

My bill (H.R. 666, heh, it's me afterall) would require the CRAs to give ANYONE a free freeze, 24 by 365-1/4 automated 800 number to freeze or thaw. 2 free freezes and 2 free thaws per 12 month period. Beyond that, $5 to freeze or thaw ALL the CRAs.

In the next legilslative session, I'm going after Innovis and the specialty CRAs.