Big credit agency offers plan to freeze out ID thieves
On Oct. 15, TransUnion will become the first (and so far, only) of the Big Three credit reporting agencies to allow all consumers to put a security freeze on their credit files. A freeze stops credit issuers from accessing your file and can thwart would-be identity thieves from opening accounts in your name.
TransUnion says it will charge $10 to place, temporarily lift, or remove a freeze. If you have been a victim of identity theft, the service is free.
Most states already have freeze laws that apply to all three reporting agencies. Before contacting TransUnion, be sure to check what your state provides.
In a statement, Consumers Union, nonprofit publisher of Consumer Reports magazine and this Web site, said TransUnion's move was a useful step that the other agencies should follow but added that it needs some improvement and doesn't eliminate the need for state freezes laws or a future federal one.
Posted by: Wally | Oct 5, 2007 9:51:12 AM
Freezing one of the three agencies is useless. Seems like a money-making scheme for TransUnion since they already have the process in place. They resisted and fought California (the pioneer state on this one) tooth and nail to prevent credit freezes. But, since they lost (and a bunch of other states followed California) why not make it a revenue producer?
And, when is someone going to reign in the renegade of the three agencies: Experian. If you want to temporarily lift a freeze just for Experian you have to provide the merchant with your permanent Experian PIN, which is like letting the cat out of the bag. The other two agencies protect your PIN.
And, of course, where are the feds on this one? AWOL as usual.
Posted by: helen h jones | May 26, 2008 5:04:18 PM
Have there been any complaint about using the 3 credit agencies security freeze option since October 2007?