Section 301 of the Economic Growth, Regulatory Relief and Consumer Protection Act (EGRRCPA):

  • Requires free placement and removal of security freezes by establishing a public webpage with links to credit reporting agency security freeze web pages.
  • Requires Equifax, Experian and TransUnion to each set up a webpage for requesting fraud alerts and credit freezes.
  • Provides additional ID theft protections to minors.
  • Requires the big three credit bureaus to offer free electronic credit monitoring services to all active duty military personnel.
  • Changes the rules for “fraud alerts,” which currently are free but only last for 90 days. Under the new law, fraud alerts last for one year, but consumers can renew them each year.

Section 301 is effective September 21, 2018, without implementing regulations.
The big three credit bureaus currently operate fee-paid freeze sites. The current sites generate a lot of consumer complaints. It is not clear yet whether the free sites will operate with fewer complaints.
Some banks offer credit monitoring or other products or services associated with the consumer credit report. If the package of services includes credit freezes and the consumer pays a fee for the package concerns regarding unfair and deceptive acts may arise. At a minimum product disclosures should explain that credit freezes may be placed or released through the credit bureaus for no charge.
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