Credit Bureaus Lobby For Limits On Consumer File Locks
Damon Darlin reports for the New York Times on lobbying efforts by the three major credit bureaus to add language to pending federal legislation that would pre-empt various state laws that enable consumers in some states to lock the information in their credit reports. As concerns about identity theft have grown among consumers, legislators in some states have passed laws that provide the locking (or "freezing") capability to their constituents.
The credit bureaus all actively market credit monitoring to consumers instead of making it easy for consumers to lock and unlock their credit files.
"They tell you after the fact," says Scott Mitic, vice president for business development at TrustedID, a start-up company that intends to take advantage of the confusion surrounding the protection of credit information. "It is this reactive system that irked us."TrustedID plans to automate the process of locking and unlocking credit reports. When you want your credit locked or unlocked, for instance, when you intend to buy a car or apply for a mortgage, TrustedID will send the agencies all the paperwork and the fees and charge you $8 a month or $90 a year.
Add your comment... (note that all comments are reviewed before they're published)