Free Credit Freezes

Beginning on September 21^st, 2018 a new federal law called the Economic Growth, Regulatory Relief, and Consumer Protection Act will go into effect. This law has many components, but one interesting attribute is the ability to freeze one’s credit for free. A credit freeze makes it impossible to access one’s credit report. This makes it impossible for identity thieves to open fraudulent accounts while the credit is frozen.

Starting September 21^st, all three credit reporting agencies will be required to add portals to their web pages that allow consumers to freeze their credit reports for free. In addition, pin numbers will be given so that the freeze can be lifted at any time. That being said, if you intend to freeze your credit, it is best to freeze it with all three agencies. Only freezing one or two agencies is the equivalent of locking the front door, but leaving the windows open.

This new law also makes it possible for parents, of children under 16, to freeze their children’s credit to protect them from identity theft as well.

Eliminating the fees arose from legislation that was signed into law about eight months after Equifax revealed its consumer database had been breached in a criminal cyberattack. In the cyber attack the private data of over 148 million consumers had been breached.

If you have recently checked your own credit and are feeling buried in debt, call your Fairfield bankruptcy attorney.