Credit Bureaus Experian and Equifax Will Offer Credit Freeze
To aid in preventing identity theft, credit bureaus Experian and Equifax announced that they will offer consumers the option of freezing their credit histories.
Major credit bureaus Experian and Equifax on Thursday joined TransUnion and said they will, this year, let people in all 50 states freeze their credit histories.
Experian’s service, which goes into effect Nov. 1, is the latest big victory for anyone who wants to be proactive about preventing identity theft, consumer advocates say.
The decision by all three bureaus to offer national freezes will let consumers lock down their credit histories — especially if they are victims of identity theft. Until now, a patchwork of laws in 39 states allowed consumers, to varying degrees, to protect themselves.
Last month, TransUnion was the first of the so-called Big Three to announce such a service. Equifax (EFX) is scheduled to start its service by early November, company spokesman David Rubinger says. He declined to give any details.
“This is very significant for consumers who live in the 11 states without freeze laws and the four states with limited laws,” says Jeannine Kenney, a senior policy analyst at Consumers Union.
The FTC website has information on credit freezing; when and how its use may be effective in cases of identity theft. Consumers Union website has information on existing state laws on credit freezing.