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How the recently passed bank overhaul law affects consumers

U.S. PIRG has argued that while free-free-freezes are good, these laws will discourage states from following rules that further protect consumers when dealing with credit reporters.

"Why are the credit bureaus getting a break? Bill just nine months after news of Equifax's massive data breach?" Litt said:

As it stands now, few states require that credit freezes for free are. US PIRG estimated last year that consumers would receive $ 4.1 billion to freeze their credit reports from the three largest companies, Equifax, Experian and TransUnion

In states where fees are currently legal, consumers can choose between Pay 2 and 1

0 US Dollars

The bill also prohibits creditors from charging you for a temporary waiver of your freeze rate if you want a lender to check your credit report so you can get credit.

In addition, short-term fraud warnings will be displayed from the current 90 days to one year. These alerts are different from Freezes: In a fraud alert, a lender who wants to approve an application must first contact you to make sure that the request is not from a scammer.

With such notification, you only need to contact a credit bureau, which in turn is required by law to share your termination with others. It is already free.

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