Consumer Blog
Credit freeze becomes law - and cheaper - in Missouri
As we've discussed at length, credit bureaus are now allowing us to put a security freeze on our credit reports for $10 per bureau. 3 bureaus total, so for a one-time cost of $30, you can lock down all your credit files, giving you the best protection against identity theft.
But until now, that was just credit bureau policy. The Missouri legislature last week passed a bill to give us this right under state law. In addition, it would also save us money, taking the fee down to $5 per bureau.
Other than that, the process would work about the same as what's currently available. Next step is for the governor to sign the bill, which usually happens in June or July.
About 80% of the states have security freeze laws, giving consumers the right to do this. Missouri is among the 20% that doesn't. But the three credit bureaus last fall announced they would offer this service to consumers in all states to prevent ID theft.
UPDATE: The governor has signed this bill, so it takes effect August 28.
Technorati Tags: credit bureau, credit freeze, credit report, equifax, experian, finance, id theft, missouri legislature, security freeze, transunion, identity theft, moagoconsumer, consumer protection
Posted by on May 19, 2008 11:01 am :: Comments (1) :: Permalink
1 Response to "Credit freeze becomes law - and cheaper - in Missouri"
says:
June 9, 2008 9:20 am
Could you explain how a security freeze works? What other advantages, other than idenity fraud, does it have? If you have a security freeze on your credit report, does that mean NO ONE (even a bank needing it for a credit check for a loan) can look at it? If that should happen (a bank needing to look at it), do you then give permission or something?
