Freezing, unfreezing your credit reports soon will be free

3 major credit bureaus will waive $10 fees

Pittsburgh Post-Gazette

A new federal law kicks in next week that will take the sting out of freezing your credit files.

Starting Sept. 21, consumers nationwide will be able to freeze their files at the three major credit reporting bureaus — Experian, TransUnion and Equifax — at no charge. It also will be free to unfreeze files, temporarily or permanently. (Innovis, a fourth, much smaller credit bureau, already offers those services for free.)

Currently, fees vary by state, with most Pennsylvanians paying $10 to freeze their files and $10 to temporarily unfreeze them — something they must do if they want to apply for credit. Residents 65 and older and victims of ID theft do not pay to initiate a freeze. Permanently lifting a freeze is already free for all Pennsylvanians.

The elimination of fees is part of the federal Economic Relief and Consumer Protection Act, signed into law in May.

The act has drawn criticism for loosening restrictions that had been placed on banks following the financial crisis a decade ago, but it has been applauded by consumer groups for the provision on credit reports, particularly in the wake of last year’s colossal data breach at Equifax.

Susan Grant, director of consumer protection and privacy at the Consumer Federation of America, called the provision “very significant” because it makes it easier for consumers to take advantage of one of the most effective ways to safeguard against common types of ID theft.