Are credit freezes free for all bureaus yet?

[pdxmike]

Equifax clearly states that credit freezes (not just locks) are free.

Experian doesn't say, it just has a form to fill out, and maybe there's a payment form once you click next?

TransUnion also doesn't say, and requires you to create an account before you can begin.

The law doesn't require free freezes until September 21, but maybe TU and EX have joined EQ by starting early.

[pdxmike]

I called TransUnion, and they said freezes will be free on September 21. I called Experian, but their phone system won't let you do anything unless you enter your Social Security number at the start of the call, which for whatever reason, I just didn't want to do.

[pipeguy]

Credit Freezes were included in federal legislation passed earlier this year - I don't remember the bill number but look in the Credit in the news section - there is a post there announcing the legislation. It does take a while until new "rules" are implemented so if Experian says September 21st, that's probably their compliance date. I'd have to check to see if a specific date was included in the legislation or something like "within 180 days" or something like that. 

ADD: https://www.congress.gov/bill/115th-congress/senate-bill/2155

Public Law No: 115-174 (05/24/2018) Economic Growth, Regulatory Relief, and Consumer Protection Act

(Sec. 301) The bill amends the Fair Credit Reporting Act to increase the length of time a consumer reporting agency must include a fraud alert in a consumer's file. It also: (1) requires a consumer reporting agency to provide a consumer with free credit freezes and to notify a consumer of their availability, (2) establishes provisions related to the placement and removal of these freezes, (3) creates requirements related to the protection of the credit records of minors.

[pdxmike]

September 21 is the date the law stipulates, I was just wondering if other credit reporting agencies were joining Equifax in going free early. TransUnion is waiting until 9/21, but I don't know what Experian is doing.

[pipeguy]

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@pdxmike wrote:
September 21 is the date the law stipulates, I was just wondering if other credit reporting agencies were joining Equifax in going free early. TransUnion is waiting until 9/21, but I don't know what Experian is doing.

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You can read the text of the bill from my post and link - I didn't see where it listed a specific date for compliance but I just skimmed the text.

[pdxmike]

That's the summary. The actual text is quite lengthy, and at the end of Section 301, which deals with credit freezes, there's this: "(c) Effective Date.—The amendments made by this section shall take effect on the date that is 120 days after the date of enactment of this Act." It was enacted on May 24, 120 days later is September 21. That's the date that was widely reported, too.
https://www.congress.gov/bill/115th-congress/senate-bill/2155/text

The question now is, will Experian wait till then or join Equifax in starting early?

[marmaladepie]

Hi,

I'm still not 100% sure of the difference between a credit freeze vs lock.

I have all 3 of my reports locked, which allows you to log in and change it anytime when you need to apply for credit.

Transunion = TruIdentity (free)

Equifax = Lock & Alert (free)

Experian = not sure if it is free for this feature alone since I have a subcription with them that allows me lock/unlock.

DH has EQ and TU locked for free, but couldn't get EX to do it for free (doesn't have subscription)

[marmaladepie]

Just wanted to update.
I cancelled my EX subscription and they unlocked my report because of that. So this feature definitely isn’t free.

Got an email:
“Your Experian credit file has been unlocked
Because you’ve cancelled your paid account, we’ve automatically unlocked your Experian credit file. Upgrade your account to access this feature again.”

[Medic981]

The Equifax breach is the reason for the free security/credit freeze legislation. It is my guess that Equifax, as a goodwill gesture, implemented the free access as soon as it was feasible. Perhaps due to any pending lawsuits and or fines in connection with the breach.