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8/11/05-Gov. M. Jodi Rell has signed a bill into law allowing consumers in Connecticut to “freeze” their credit from identity thieves.
The new law, previously SB650, permits consumers to limit credit report access to existing creditors. The freeze allows consumers to authorize future release of their credit report to only those creditors specified by the consumer.
It also requires businesses to immediately notify consumers when their personal financial information is compromised.
A security freeze enables consumers to prevent anyone from looking at their own credit reporting file for purposes of granting credit unless the consumer chooses to let that particular business view the information.
It is intended to give consumers complete control over who has access to the information needed to process a credit application and prevent crooks from opening new accounts in the consumer’s name. When consumers apply for credit, the security freeze can be lifted temporarily so the application can be processed.
The cost to consumers to put a security freeze on their credit file is $10. To temporarily lift the freeze, consumers would pay the same amount.
The new rule takes effect Jan. 1, 2006.
The new law, previously SB650, permits consumers to limit credit report access to existing creditors. The freeze allows consumers to authorize future release of their credit report to only those creditors specified by the consumer.
It also requires businesses to immediately notify consumers when their personal financial information is compromised.
A security freeze enables consumers to prevent anyone from looking at their own credit reporting file for purposes of granting credit unless the consumer chooses to let that particular business view the information.
It is intended to give consumers complete control over who has access to the information needed to process a credit application and prevent crooks from opening new accounts in the consumer’s name. When consumers apply for credit, the security freeze can be lifted temporarily so the application can be processed.
The cost to consumers to put a security freeze on their credit file is $10. To temporarily lift the freeze, consumers would pay the same amount.
The new rule takes effect Jan. 1, 2006.