Wednesday, September 5, 2007

Consumer law: Freezing your credit report

I did not notice this new law during the last session of the General Assembly but it goes into effect this month. Which probably why all the attention right now. The Indiana Daily Student has an article headlined New credit freeze law fights ID theft.

Freezing a credit report isn’t as simple as a quick phone call.

In order to place a freeze on a credit report, a consumer has to write by mail to each of the three credit bureaus: Equifax, Experian and Trans Union. The consumer must provide proof of identification, including a photocopy of a license and a utility bill.

The security freeze goes into effect five days later. Ten days after placing the freeze, a consumer receives a confirmation letter and PIN number.

Starting Jan. 1, 2009, all consumers will have the option of freezing their credit reports by e-mail. Consumer reporting agencies will have to lift the freeze within 15 minutes if the consumer requests it.
Indiana Consumer Lawyer Blog also has a very long post, Indiana's New Security Freeze Law. I suggest reading that post also.