A new federal law going into effect today makes all credit freezes free and extends fraud alerts from 90 days to one year.
Putting a freeze on your credit restricts most access to your credit file, effectively locking out identity thieves who might try to open new accounts in your name. Prior to the law being passed, fees to put a freeze on your credit varied by state, and there were often fees to unfreeze the account.
The new law also allows parents and legal guardians to freeze the credit for children under the age of 16, preventing scammers from stealing the identities of children and using them to open new accounts.
Read more from Channel 3000.
In light of these changes, WBA has updated its video on credit freezes: Click here to watch the video hosted on banconomics.com. This video is free for WBA member banks to use on social media, for training, or in other areas of the bank. WBA will customize this video with your bank's logo and corporate colors for a nominal fee. If your bank is interested or would like to learn more, please contact Eric Skrum at email@example.com.