Sec. 805. Requires disclosure of consumer rights related to credit freezes
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/bill/114/hr/5282/ih/section-805·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 609(c)(1) of the Fair Credit Reporting Act ( 15 U.S.C. 1681g(c)(1) ), as amended by section 105(d)(1)(C)(iv), is further amended by adding at the end the following new subparagraph: The Bureau shall publish, and consumer reporting agencies described under section 603(p) shall distribute to consumers, the following notice: Consumers have the right to obtain a credit freeze under Federal law from any of the nationwide consumer reporting agencies. You have a right to place a credit freeze on your consumer report, which will prohibit a consumer reporting agency from releasing information in your consumer report without your express authorization.
A credit freeze may be requested in writing by mail, by toll-free telephone, or by electronic means as provided by a consumer reporting agency. A credit freeze is designed to prevent credit, loans, and services from being approved in your name without your consent. If you are actively seeking a new credit, loan, utility, telephone, or insurance account, you should understand that the procedures involved in lifting a credit freeze may slow your applications for such accounts and you should plan ahead and lift a freeze in advance of actually applying for any of these type of accounts.
When you place a credit freeze on your consumer report, you will be provided a personal identification number or password to use if you choose to fully remove the freeze on your consumer report or temporarily authorize the release of your consumer report for a period of time after the freeze is in place to a specific party or parties. To provide that authorization you must contact each consumer reporting agency individually and provide your personal identification number or password, proper identification to verify your identity, and the period of time for which you would like the report to be available.
A consumer reporting agency must authorize the release of your consumer report no later than 15 minutes after receiving the above information if the request is by toll-free telephone, or secure electronic means, and no later than one business day when a written request is submitted by mail. A credit freeze does not apply to a person or entity, or its affiliates or collection agencies acting on behalf of the person or entity, with which you have an existing account, that requests information in your consumer report for the purposes of reviewing or collecting the account.
Reviewing the account includes activities related to account maintenance. Unless you suspect you have been or are about to become a victim of identity theft, fraud, a related crime, or harmed by the unauthorized disclosure of your financial or personally identifiable information, are an active duty military servicemember, are 65 years of age or older, or as otherwise identified as an eligible consumer by the Bureau of Consumer Financial Protection, a consumer reporting agency has the right to charge you a fee of no more than $3 dollars each time you place, temporarily lift, or fully remove a credit freeze.
However, if you reside in a State that provides greater protections with respect to the circumstances, method, or frequency for obtaining a credit freeze than is available under the Federal law, those State protections and benefits will apply to you. . . Section 609(c)(2) of such Act ( 15 U.S.C. 1681g(c)(2) ) is amended— in subparagraph (B)— by striking consumer reporting agency described in section 603(p) and inserting consumer reporting agency described in subsection
(p)or
(x)of section 603 ; by striking the agency and inserting such an agency ; and by inserting and an Internet website address after hours ; and in subparagraph (E), by striking outdated under section 605 or and inserting outdated, required to be removed, or .
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Sec. 805
Requires disclosure of consumer rights related to credit freezes
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