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![]() On file Initial Alerts that have not expired, will be extended to one year. Clients should be aware of this change in retention in case they need to modify their own internal systems. Initial Fraud Alert retention will be changed from 90 days to one year. When a File is frozen and access is denied the following message will be returned: It also requires that the Initial 90 day Fraud Alert messages remain on a consumer’s report for one year.įor every state in the United States, there will be no charge to a consumer to set a Freeze, request a Thaw (Temporarily Remove the Freeze), or Lift (Permanent Remove the Freeze) from his/her credit file, effective. This law has several components, and it’s most pressing statue requires all Freeze, Thaws, and Lifts to a Credit File to be free of charge to the consumer as of 9/21/18. US Bill 2155 was signed into law 5/21/18. Please note the following update which affects Business Owner Profiles and consumer reports… Credit Freeze Law – Information from Experian ![]() You can check out the full article from the FTC here. To place a fraud alert, consumers need only contact one of the three credit bureaus, which will notify the other two bureaus. (If consumers make these requests by mail, the agency must place or lift the freeze within three business days.) When consumers request to lift the freeze by phone or online, the credit bureaus must take that action within one hour. Whether consumers ask for a freeze online or by phone, the credit bureau must put the freeze in place within one business day. To place a credit freeze on accounts, consumers will need to contact all three nationwide credit bureaus: Equifax, Experian, and TransUnion. The new law also allows parents to freeze for free the credit of their children who are under 16, while guardians, conservators, and those with a valid power of attorney can get a free freeze for their dependents. Under the new Economic Growth, Regulatory Relief, and Consumer Protection Act, consumers in some states – those who previously had to pay fees to freeze their credit – will no longer have to do so.Ī credit freeze, also known as a security freeze, restricts access to a consumer’s credit file, making it harder for identity thieves to open new accounts in the consumer’s name. Starting September 21, 2018, consumers who are concerned about identity theft or data breaches can freeze their credit and place one-year fraud alerts for free. Posted 7:33 pm by NACM CS & filed under Consumer Reports, Credit, Legal. New Federal Law Allows Consumers to Place Free Credit Freezes And Yearlong Fraud Alerts
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