BBB On New Credit Freeze Law

The Better Business Bureau of Western Michigan is reminding consumers of a new law that could help them protect themselves from identity theft. It says the three nationwide credit reporting agencies in the U.S. — Experian, Equifax, and TransUnion — will be required by a new law to let people freeze or thaw their credit report for free. The Economic Growth, Regulatory Relief, and Consumer Protection Act went into effect on Friday. Previously, credit freezes were governed by state laws, and could be cumbersome to enact or end. The BBB says, now, freezing and unfreezing your credit will be easier and free. A security freeze prevents the credit reporting agency from releasing someone’s credit report. If you have a freeze in place, you’re given a PIN or password that you have to use in order to unfreeze the report. The new law also allows any parent to freeze their child’s credit. Anyone with questions can call the Better Business Bureau.