ConsumersUnion.org estimates that as many as 27,000 Americans become victims of identity theft each day. That’s an amazing statistic. So score one for personal empowerment and the prevention of identity theft with Transunion’s announcement that consumers can now “freeze” their credit authorization on request with the click of a mouse. A credit or security freeze bascially “locks down” your credit files, preventing anyone from using your credit history and authorization for taking out new credit. Before any use would occur, the consumer specifically must approve the use or access to their credit. The credit freeze service offered by Transunion is not offered directly by the other major credit reporting agencies (Experian and Equifax), however the ability to freeze your credit files is guaranteed by law in at least 40 states. ConsumersUnion.org has an excellent guide to state security freeze laws, highlighted by state.
Many of us are surprised to see some states not listed, but legislators in these states are wrestling over exactly what a good credit freeze protection law is. Most of the laws have been passed in the last 3-4 years, so all U.S. states should eventually pass laws due both to consumer interest, and a viable need for control over credit data. With Transunion’s move offering this service to consumers in all 50 states, the pressure is on for the other credit scoring agencies. It’s about time… to really manage our personal credit files, we must have access to their use and control, and especially the ability to prevent others from accessing or using our credit. Good for Transunion, and come on other guys!
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