This year there have already been 140 reported data breaches impacting nearly 3 million consumers. With an increase in data breaches and identify theft — even at the credit reporting agencies — consumers need to be able to safeguard their credit information.
One way consumers can do this is to place a security freeze on their credit reports at each of the three major credit reporting agencies. Once a security freeze is in place, a consumer’s credit file cannot be accessed unless the freeze is lifted. Currently, credit reporting agencies can charge a $10 fee for each freeze or unfreeze.
I recently supported legislation to allow consumers to create, temporarily lift, or remove a credit freeze for all three credit reporting agencies without paying a fee. If signed into law, House Bill 5094 will make it easier for Michigan consumers to protect themselves from fraud.