Experian Now Offering Credit Freeze
November 9, 2007
Experian credit reporting agency will begin offering credit freezes to consumers in all 50 states and the District of Columbia. This will begin November 1.
The company has stated that the freeze option will be free to victims of identity theft but for others customers the cost will be $10 to implement the freeze action and another $10 to remove the freeze. The fees are assessed unless state law mandates otherwise. This is according to Experian vice-president Kerry Williams.
Experian, Trans Union, and Equifax have all implemented freeze policies for their customers.
Advocates for the new policies have long supported these credit freeze plans as a way of preventing identity theft. The credit information freeze denies access to personal and financial information kept at the various credit reporting agencies unless the consumers allows the access by removing the freeze.
In the past the credit bureaus were against the credit freeze option, expressing that it would slow down the amount of time that lenders and other financial entities would need in order to check credit information.
Consumers should know that 39 states and the District of Columbia already have legislation that allows consumers to lock and unlock their credit information and in several cases this can be done for less than the fees offered by the credit bureaus. However, many consumers have not opted to use the freeze programs, stating that the plans are confusing to understand and take too much time to set up.
More information on the individual policies can be found at the three bureau’s websites