Delaware Law SB 109 Security Freeze

The “credit freeze” portion of this bill will go into effect either September 28, 2006 or October 9, 2006. This will allow a consumer to “freeze” their credit record at each credit bureau.

You will need to contact each credit bureau to completely freeze your credit. Follow these instructions to freeze your credit at each bureau.

How will a credit freeze protect me?
Placing a security freeze on your credit reports means an identity thief – even one who has your name, address, Social Security number, birth date and more – will not be able to get new loans and credit in your name. That’s because lenders, retailers, utilities and other businesses need access to a credit report to review and approve new credit, loans, and services.
Who can freeze their credit?
Any citizen of Delaware can freeze their credit.
How do I freeze my credit?
Follow these instructions to freeze your credit at each bureau.
How much will it cost?
$20 to place, free to temporarily lift for a period of time or specific creditor and to remove.
Isn’t this just another way for the credit bureaus to get more money from us?
It might seem that way, but those in Delaware should feel lucky that this is available. Fraud alerts are ignored by some creditors and a security freeze provides a much stronger means of protection. The service is free for victims, and believe me, they are glad to have the option.
Will I need to freeze my report with each credit bureau?
Yes. When you go to buy a new car, open a charge account, or refinance your house, you don’t know which bureau the lender will use to request your report. In other words, for the best protection you’ll need to freeze your credit at each bureau.
How will I open new credit lines if my report is frozen?
People who’ve frozen their credit reports can still get new loans and credit for themselves. Credit bureaus have set up a PIN-based system to allow people with frozen credit reports to contact the credit bureau, provide a PIN number, and allow their credit report to be released to a specific lender or for a specific period of time.

Yes this is a pain, but the protection a security freeze provides is invaluable.

Author: Dave Nielsen

I started using computers in 1978 on the Apple II and was first online (using my “high-speed” 1200 baud modem) in 1989. I’ve managed web sites for several Fortune 500 companies and for internet start-ups. Working for one of those start-ups is what brought me into the world of credit. I was part of the the executive team that ran QSpace, the first company to offer credit reports over the internet.

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