New credit legislation to ease consumer financial protection
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New credit legislation to ease consumer financial protection


yeah so I think there’s two vital components of this legislation one is hopefully it just raises awareness for American consumers out there that they have the options to freeze their credit files – it also lowers the expense of freezing your credit file currently anyone in the United States who has credit could freeze their credit file in the Commonwealth of Virginia that would currently cost you ten dollars per credit reporting agency we have three main credit reporting agencies we have Equifax TransUnion and Experian so it costs a consumer $30 in starting September 21st that goes from $30 down to $0 the main way that it protects you is it prevents a would be fraudulent actor from taking out a credit in your name so maybe somebody got access to your social security number they know your name they know your address they could file an application or fill out an online application for credit ultimately that financial institution then is going to try to pull your credit report that’s going to be rejected because you had this credit freeze that financial institution is going to contact you either they’re gonna call you they’re gonna send you an email or they’re gonna send you a letter through the post office saying hey you applied for this credit we weren’t able to approve you because we weren’t able to check your credit report that’s going to be the the signal to you that somebody who’s trying to take credit in your name you then contact the financial institution and say hey I never applied for this credit it is relatively easy there’s two ways that you can go about doing this each of the three credit reporting agencies have online web pages that are dedicated to this it would take you a couple minutes in order to set up an account and then implement this freeze if you didn’t feel comfortable doing that online each of the credit reporting agencies have a 1-800 number you can call that whole times maybe longer around September 21st just because that’s when it becomes free potentially millions of people are gonna try to do this in the first week or the first couple weeks but eventually I anticipate that whole time will be diminished

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