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Credit Bureau TransUnion Offers Nationwide Credit Freeze
Posted on Sep 18, 2007 by Tom Fragala
TransUnion issued a press release that appears to be a bombshell. Still waiting to learn more about this. They are offering consumers in all 50 states and DC the ability to lock or freeze their credit file. Just how “frozen” it will be , remains to be seen. Around 30 states today offer consumers the ability to freeze their credit files at all three credit reporting agencies. It will be interesting to see how the other two bureaus, Experian and Equifax respond.
TransUnion has announced that, effective October 15, 2007, it will offer the credit reporting industry's first complete file freeze solution. While consumer access to placing a file freeze continues to be driven at the state level, some state-enacted laws are not yet effective and other states have not enacted such laws.
With its announcement today, TransUnion becomes the first credit reporting company committed to providing U.S. consumers in all 50 states and the District of Columbia with the ability to freeze their credit files, should they feel that step is warranted.
In states where there is an existing file freeze law, TransUnion will
continue to meet or exceed the requirements of those laws. In states where a law has been enacted, but is not yet effective, or where no law has been enacted, TransUnion will provide file freezes as follows:
-- Free to add, lift or remove for all ID theft victims
-- $10 to add, lift or remove for non victims
Update: TransUnion’s online portion of the credit lock concept is offering through their online division called TrueCredit. It is bundled into their Id theft protection product (it appears they are offering just a simple product now, simplifying the decision process for consumers).
For $14.95 per month you get 3–bureau credit monitoring, access to all three credit bureau reports and scores, $25,000 ID theft insurance and the new “credit lock”.
Unlimited access to ALL THREE of your credit reports and credit scores.
Notification within 24 hours of critical changes to all 3 reports.
Lock & unlock your TransUnion credit report with just one click.
Plus, $25K ID Theft Insurance at no additional cost!*
Filed under: Credit, Identity Theft, Privacy, Tips
Comments
Credit Repair Advisor on Sep 18, 2007
I assume this is aimed at helping consumers who have been the victim of identity theft? That's a nice step to help protect those that have been victimized. Had a friend how had their identity stolen and it took months to get out of the cellar. Hopefully the other 2 bureaus follow TransUnion's example and offer this as well.
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Tom's response to above comment:
It's more than just victims. It is for NON-victims as well. Everyone in the US will be able to freeze their TransUnion credit report using 1 of 3 methods: telephone, letter or online.
--Tom
Al on Sep 24, 2007
What a great service. I live in a state that does not have a Credit Freeze law and this is great news. Hopefully the other two bureaus will follow. Thanks, Al
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