We reported earlier that TransUnion and Equifax were offering credit freezes to their customers. This was good news, save for the fact that Experian hadn’t made mention of joining them. In order for the freezes to be effective, all three credit bureaus would need to participate.
Experian has now jumped on the bandwagon. They will begin offering credit freezes to customers on November 1st. A freeze prevents new lines of credit from being opened in the customer’s name. This is useful for those who worry about identity theft, or those who have already been victimized. When the customer wants to use their credit for legitimate reasons, they can lift the freeze by using their PIN.
One question remains: How much is all of this going to cost? The credit bureaus will charge hereto unspecified fees for freezing your credit (unless you can prove that you’ve already been the victim of identity fraud), and more fees when the freeze is lifted. Those fees can really add up. Consumer advocates are urging lawmakers to step in and lay down some structure and limits for these charges.
Experian has now jumped on the bandwagon. They will begin offering credit freezes to customers on November 1st. A freeze prevents new lines of credit from being opened in the customer’s name. This is useful for those who worry about identity theft, or those who have already been victimized. When the customer wants to use their credit for legitimate reasons, they can lift the freeze by using their PIN.
One question remains: How much is all of this going to cost? The credit bureaus will charge hereto unspecified fees for freezing your credit (unless you can prove that you’ve already been the victim of identity fraud), and more fees when the freeze is lifted. Those fees can really add up. Consumer advocates are urging lawmakers to step in and lay down some structure and limits for these charges.
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