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New Law Allows Consumers to Freeze Accounts at Credit Bureaus for Free

how do I freeze my creditConsumers now have the power to freeze their accounts at the three Credit Bureaus for free, effective September 21, 2018, due to the Regulatory Relief, Economic Growth and Consumer Protection Act which was passed in May of 2018.

In addition, consumers are allowed to unfreeze their accounts for free.  Consumers who are interested in placing a freeze on their Credit Bureau accounts should contact the three major reporting agencies, Experian, TransUnion, and Equifax.  In addition, consumers should also notify the National Consumer Telecom & Utilities Exchange (NCTUE) to have their account frozen.   NCTUE is the reporting agency used when individuals open cell phone accounts and some other utilities.

The best method is to contact each Credit Reporting Agency by telephone and be prepared to provide your name, address, date of birth and social security number.  By freezing your credit report, you restrict access to your credit report.  The freeze makes it more difficult for identity thieves to open new accounts in your name because most creditors need to see your credit report before they approve a new account.