Senate banking bill would certainly make credit freezes free

At last count — the total was revised upward by 2.4 million last week — as many as 147.9 million consumers were affected by the cyberattack at Equifax, which was revealed last September. The personal information compromised inside breach include names, birth dates, Social Security numbers, addresses as well as some driver’s license numbers.

The congressional effort to require free freezes can be part of a larger measure, S. 2155, which rolls back some banking regulations put in place after the financial crisis which rocked the U.S. economy a decade ago. While consumer advocates have long sought free credit freezes, they are opposed to This kind of provision being part of a bill which eases regulatory requirements as well as oversight of banks as well as mortgage lenders.

“I think free freezes are Great, however not when the item’s part of a bill with additional things which puts consumers as well as the economy at risk,” said Mike Litt, consumer campaign director at consumer advocacy group U.S. PIRG.

Supporters of the bill, however, say the item will make the item easier for consumers to access loans as well as will encourage economic growth.

Litt also said which by imposing a national standard for credit freezes, the item prevents states coming from taking additional steps to give consumers better control of their own credit reports. Additionally, the provision does not require passwords or PINs — only identifying information — when a freeze can be lifted, which Litt said could make the item easier for criminals to access your credit report.

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