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California Bill Would Guarantee Free Credit Freezes in 15 Minutes

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California Bill Would Guarantee Free Credit Freezes in 15 Minutes

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Established Contributor

Re: California Bill Would Guarantee Free Credit Freezes in 15 Minutes

IMO, California is very pro consumer rights. Better than many other states.

Life was a lot simpler when what we honored was father and mother, rather than all major credit cards. ~Robert Orben

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UNIVERSAL REVOLVERS: $200K Club
NUMBER OF CC ACCOUNTS: Less than 10
CARD USAGE: Minimal
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Super Contributor

Re: California Bill Would Guarantee Free Credit Freezes in 15 Minutes


@SOGGIE wrote:
IMO, California is very pro consumer rights. Better than many other states.

LOL and spending other people's money.

 

I'm not sure how they could force an out of state company to do something for free that others get charged for.  Seems that this would be a federal issue.

 

2/11/2020: FICO 843 EQ 848 TU 850 EX
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Established Contributor

Re: California Bill Would Guarantee Free Credit Freezes in 15 Minutes

The State regulates goods/services for its residents (consumers).

Life was a lot simpler when what we honored was father and mother, rather than all major credit cards. ~Robert Orben

SCORES: Excellent · 830 to 848
INQUIRIES: 0
UNIVERSAL REVOLVERS: $200K Club
NUMBER OF CC ACCOUNTS: Less than 10
CARD USAGE: Minimal
CREDIT HISTORY: Very Lengthy · Seasoned Accounts
INCOME: Sufficient
UTIL: 1-2%
PYMTS: 100% Positive · Always PIF · AZEO
INSTALLMENTS: No thanks!
ASSETS: 100% Equity
TOTALLY REFUSE TO: Pay Interest or Annual Fees, Combine Accounts, Reduce Limits, Submit 4506-T, SCT, App Spree, Accumulate Inquiries, Do business with Comenity, Synchrony, Cap One, Wells Fargo, Citi, Barclays or any other credit-cancerous lending institutions
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Established Contributor

Re: California Bill Would Guarantee Free Credit Freezes in 15 Minutes

What could happen is that the CRAs stop doing business in that state, forcing potential lenders to either find another reporting source or take blind risks. Just like states can place conditions on any business who wants to do business with its residents, each business can opt out. I think in the long run this is not beneficial for the consumers who will suffer because lenders don’t want to take blind risks.












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