TransUnion, Equifax & Experian Finally Offer Credit Freeze
TransUnion, Equifax and Experian have finally seen the light. After fighting against legislation for years, all three major credit companies are now offering consumers the option to put a credit freeze on their credit reports. Previously, a credit freeze was only available in certain states and for those who had already been victims of identity theft.
TransUnion was the first to comply with Equifax following suit the next day. TransUnion will allow customers to block their credit reports starting October 15th. Equifax hasn’t released the details on their program yet but said they should have something solidified by next month. Experian is reported to have a plan in the works as well.
A credit freeze will allow consumers to prevent new accounts being opened in their names since most companies require a credit check before giving consumers an account on credit. Of course if a person applies for credit and the company at which they are applying does not do a credit check then the credit freeze will not be beneficial. But very few companies are willing to offer consumers accounts without doing a credit check. Once a company checks a customers credit and sees that there is a block on it, they will not be able to open an account until the block is removed. Therefore, if an identity thief obtains your information they will not be able to open new accounts in your name.
TransUnion will charge consumers $10.00 to put a freeze on their credit and the service will be free for Identity Theft Victims. There will also be a $10.00 charge to unblock the freeze in the event you need to apply for credit. Experian and Equifax have not listed their fees at this time but it is assumed their fees will coincide with TranUnions fees.
This is a major victory for consumers. It is nice to see that the major credit bureaus have finally stepped up to the plate and are offering a solution that we have always advocated.
Our Free Identity Theft Ebook outlines in detail how you can successfully protect your identity using a credit freeze. You can get your free copy here.
