Australia Finance

May 28 2017

Placing A Credit Freeze On Your Credit Report #0 #credit #card

#free credit reporting agencies

Placing A Credit Freeze On Your Credit Report

On August 1, 2008, a credit freeze bill went into effect that provides Georgia consumers with the ability to place a freeze on their credit file for only $3, or a total of $9 for each of the three major credit-reporting agencies: Equifax, Experian and TransUnion. The freeze is free for senior citizens 65 and older and for victims of identity theft. Each temporary lift of the freeze – commonly called a thaw – to allow access to the consumer’s credit file would also cost $3. When a consumer requests such a thaw, it should be available electronically within 15 minutes of request by the consumer, keeping on-the-spot credit an option for shoppers.

When a freeze is in place, credit reporting agencies may not release the consumer’s credit file unless the consumer first removes the freeze by providing the consumer’s password to the credit agency used by the merchant. Most lenders and creditors rely on access to a consumer’s credit file to determine a consumer’s credit worthiness. By denying such access, a credit freeze makes it very difficult for an identity thief to open a credit account or loan in a victim’s name.

Insurance companies, existing creditors and law enforcement agencies retain the ability to access credit reports in certain instances.

To place a credit freeze on your file, consumers must contact the credit reporting agencies at the addresses below:

Equifax Security Freeze

P.O. Box 105788

Atlanta, GA 30348

Experian Security Freeze

Written by admin

Leave a Reply

Your email address will not be published. Required fields are marked *