New law will let consumers freeze credit files without charge

Source: Ann Carns, New York Times (Paid Registration)

On May 24, President Trump signed the Economic Growth, Regulatory Relief and Consumer Protection Act, which has received attention for loosening restrictions placed on banks after the financial crisis. The legislation, however, also made some changes to the federal law dictating consumer credit rules.

One helpful change, which consumer advocates had been seeking for years, will allow consumers to “freeze” their credit files at the three major credit reporting bureaus — Equifax, Experian and TransUnion — without charge. Consumers can also “thaw” their files, temporarily or permanently, without a fee.

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