By Nick Gale, WLS-AM 890 News
(CHICAGO) — Attorney General Lisa Madigan is applauding legislation to prohibit credit reporting agencies from charging fees for credit freezes.
Following the massive data breach at credit reporting agency Equifax, the Attorney General initiated House Bill 4095, sponsored by State Sen. Bill Cunningham (D-Chicago), to eliminate credit freeze fees in Illinois. Senators unanimously passed the legislation out of committee and it now heads to the full Senate.
Many states already ban or restrict these fees by the credit reporting agencies Equifax, Experian and TransUnion.
“The Equifax data breach impacted approximately half of all Americans, and the most effective way for people to prevent identity theft is to place a freeze on their credit reports,” Madigan said. “But people should not have to pay for credit freezes, particularly when they cannot choose whether to do business with the credit reporting agencies.”
Currently in Illinois, consumers are charged $10 each time they want to place a credit freeze with each of the three major credit reporting agencies, unless they are over 65 years of age, an active duty service member or an identity theft victim with a police report. Madigan’s legislation would prohibit credit reporting agencies from charging a fee for a credit freeze or for the removal or temporary lift of a credit freeze.
@ 2018 WLS-AM News
