US House Passes Bill to Make Credit Freezes Free
This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.
A bill passed by the US House of Representatives on Tuesday includes a provision that makes it free for consumers to freeze their credit.
Currently, there’s a cost — ranging from $2 and $10, depending on where you live — for freezing your credit. However, with the new legislation passed on Tuesday and that now goes to President Donald Trump’s desk for approval, you can place, lift and permanently remove credit freezes for free no matter where you live.
The new legislation requires consumer credit rating companies to fulfill your freeze request within one business day if made online or over the phone, or within three business days if the request was made via mail.
“Also known as a security freeze, this tool lets you restrict access to your credit report, which in turn makes it more difficult for identity thieves to open new accounts in your name. That’s because most creditors need to see your credit report before they approve a new account. If they can’t see your file, they may not extend the credit.”
In order to freeze your credit report, you’ll need to contact each of the three major credit reporting agencies, Equifax (1-800-349-9960), Experian (1-888-397-3742) and TransUnion (1-888-909-8872). There’s no impact on your credit score. Once you’ve requested to freeze your report, each agency will send you a confirmation letter with a unique PIN or password. It’s vital you keep the PIN or password in a safe space, as it’ll be needed when you want to unfreeze your report.
Following the massive Equifax data breach of 2017, many called on Congress to make freezes free. Less than one year after the hack, which exposed the personal information of more than 146 million Americans, the potential for free credit freezes seems imminent. Once the bill is signed, freezing your credit will be free after about four months.
As CNN Money reports, following the Equifax hack, the agency made it free for users to freeze their credit until June 2018.
Featured image by mixetto/Getty Images.
Welcome to The Points Guy!
Earn 90,000 bonus miles after you spend $3,000 in purchases within the first three months of card membership. Plus, earn a $200 statement credit after your first Delta purchase within the first three months. Offer ends 7/28/21.
With Status Boost™, earn 10,000 Medallion Qualification Miles (MQMs) after you spend $25,000 in purchases on your Card in a calendar year, up to two times per year getting you closer to Medallion Status. Earn 3X Miles on Delta purchases and purchases made directly with hotels, 2X Miles at restaurants and at U.S. supermarkets and earn 1X Mile on all other eligible purchases. Terms Apply.
- Limited Time Offer: Earn 90,000 Bonus Miles after spending $3,000 in purchases on your new Card in your first 3 months and a $200 statement credit after you make a Delta purchase with your new Card within your first 3 months. Offer expires 7/28/2021.
- Limited Time Offer: Plus, get a 0% intro APR on purchases for 12 months from the date of account opening, then a variable 15.74%-24.74%. Offer expires 7/28/2021.
- Accelerate your path to Medallion Status, with Status Boost®. Plus, in 2021 you can earn even more bonus Medallion® Qualification Miles (MQMs) to help you reach Medallion Status.
- Earn 3X Miles on Delta purchases and purchases made directly with hotels.
- Earn 2X Miles at restaurants worldwide, including takeout and delivery and at U.S. supermarkets.
- Receive a Domestic Main Cabin round-trip companion certificate each year upon renewal of your Card. *Payment of the government imposed taxes and fees of no more than $75 for roundtrip domestic flights (for itineraries with up to four flight segments) is required. Baggage charges and other restrictions apply. See terms and conditions for details.
- Enjoy your first checked bag free on Delta flights.
- Fee Credit for Global Entry or TSA Pre✓®.
- Enjoy an exclusive rate of $39 per person per visit to enter the Delta Sky Club® for you and up to two guests when traveling on a Delta flight.
- No Foreign Transaction Fees.
- $250 Annual Fee.
- Terms Apply.
- See Rates & Fees