FROM: HOLLEY CARNRIGHT
DATE: SEPTEMBER 13, 2018
RE: PRESS RELEASE - UPDATE TO CREDIT FILE LAW ALLOWS CONSUMERS TO FREEZE THEIR CREDIT REPORTING
Beginning September 21, 2018, the Federal Trade Commission (FTC) will be putting a new credit file protection layer in place, according to the Ulster County District Attorney’s Division of Consumer Affairs.
Courtesy of the new Economic Growth, Regulatory Relief, and ConsumerProtection Act (www.congress.gov/bill/115th-congress/senate-bill/2155), consumers can contact any of the three major credit reporting agencies – Equifax, Experian, and TransUnion – and request a freeze be placed on their credit files for free, and the agencies have until the next business day to put that freeze in place.
The biggest upside of this act is that it makes it harder for identity thieves to open up new credit accounts under a consumer’s name.
“Credit bureaus play a valuable role in our financial system by helping financial institutions assess a consumer’s ability to meet financial obligations, and also facilitating access to beneficial financial products and services,” wrote (www.crapo.senate.gov/media/newsreleases/crapo-statement-at-credit-bureau-hearing-) Senator Mike Crapo (R-ID), author of the bill.
Consumer Affairs can be reached at 340-3260.