Credit Freezes will be available to all consumers by November 1st, whether or not they have been victims of Identity Theft.
from bankrate:
Consumers in all 50 states already have the right to place a fraud alert, regardless of whether they are victims of ID theft. The fraud alert lasts for 90 days and alerts new creditors and other businesses checking the creditworthiness of an applicant that the consumer may be a victim of fraud.
While the fraud alert merely asks the lender to take additional precautions, a credit or security freeze prevents third parties from receiving a copy of the consumer’s credit report or credit score, making businesses less likely to grant credit or services to the applicant. Only businesses with a permissible purpose, or for whom the consumer lifts the freeze may obtain the consumer’s credit information.
from the FTC:
For Release: June 4 , 2004
FTC Issues Final Rule on Free Annual Credit Reports
The Federal Trade Commission has issued its final rule regarding free annual credit reports under the Fair and Accurate Credit Transactions Act (FACTA) and the Fair Credit Reporting Act (FCRA). FACTA, which was enacted on December 4, 2003, amends the FCRA and requires, among other things, that the three nationwide consumer reporting agencies (CRAs) – Equifax, Experian, and Trans Union – provide to consumers, upon request, a free copy of their credit report once every 12 months.
woohoo! good move by the FTC. so what does this mean to you? once a year, you are entitled to a *free* credit report, so you can find out what information has been gathered about you. eligibility for these free reports is based on the FTC’s rollout schedule:
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When corresponding with the Credit Bureaus, how much information should I provide?
Continue Reading... FAQ: Providing Personal Information to Credit Reporting Agencies
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