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Credit scores, bureaus & technology. Bankruptcty activity. Credit-related lawsuits, announcements and coverage of F a i r Isaac, E q u i f a x, E x p e r i a n, F I C O, V a n t a g e Score & T r a n s Union.

Free Credit Freeze From All 3 Bureaus

Change comes year after Equifax data breach

Sept. 21, 2018

By Mortgage Daily staff

One silver lining from the Equifax data breach has been legislation passed by Congress that requires the credit bureaus to provide credit freeze services free to all consumers.

Following last year's disclosure by Equifax that information was stolen on an estimated 143 million U.S. consumers, a provision for free credit freezes was included in legislation to roll back some of the more burdensome provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

While the Economic Growth, Regulatory Relief, and Consumer Protection Act -- which was signed into law by President Donald Trump in May of this year -- was viewed as good for financial services entities and bad for consumers, it required that the credit bureaus provide consumers with the ability to freeze their credit at no charge.

On Friday, the Consumer Financial Protection Bureau announced that the free credit freezes go into effect Friday.

According to the bureau, the security freezes restrict access to a consumers credit file -- making it more difficult for a criminal to commit identity fraud. In addition, adult consumers are also able to obtain credit freezes for their children.

The CFPB, which is now also identifying itself as the BCFP, said when a consumer requests a freeze from Equifax, Experian or TransUnion online or by phone, they must activate the credit freeze within one business day. The freeze lasts for one year.

When a request is submitted to lift the freeze, it must be completed by the agencies within one hour. No fee is required for temporarily lifting the freeze

The regulator, which itself was created by the Dodd-Frank act, clarified that credit locks, which cost money, are not the same as credit freezes.

A request for a credit freeze can be submitted online at each bureau, as indicated below:




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