New
York Credit Freeze
The "credit
freeze" portion of this bill will go into effect November 1,
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.
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How
will a credit freeze protect me? |
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 |
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. |
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Who
can freeze their credit? |
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Applies to all consumers. |
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How
much will it cost? |
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Free to place first time for
everyone. After first time, or to lift temporarily or remove
there is a $5 fee except for victims who pay no fee. |
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Will
I need to freeze my report with each credit bureau? |
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|
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. |
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How
will I open new credit lines if my report is frozen? |
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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. |
