Credit freezes – aka “security freezes” – are tools consumers have had access to use in the battle against credit fraud, making it more difficult for thieves to open lines of credit in their name. In the past, however, there have been fees associated with this service. This, combined with a lack of awareness of the service, have imposed hurdles that have prevented many from taking advantage of this protection.
The good news is there’s a new federal law in town to ease the burden! Starting September 21, 2018, consumers can now freeze and unfreeze their credit file, as well as that of their children under 16 years old, for FREE!
The Consumer Financial Protection Bureau has published information about the new, free credit freeze law, including details on how to begin the process, how credit alerts work under the new law, and how it affects members of the military.