The new Economic Growth, Regulatory Relief and Consumer Protection Act, which takes affect September 21, 2018, allows consumers to place a freeze on their credit file with the three major credit reporting agencies. Restricting access to the file makes it harder for thieves to open new accounts in consumer’s names.
The freeze and lifting the freeze is free to consumers. Under the law, credit reporting agencies must take action on consumer requests by the next business day. Consumer requests to lift the freeze must occur within an hour of the request.
As the new law is implemented, dealerships may find consumer credit accounts are frozen. There may be an initial adjustment period as consumers get used to freezing and unfreezing their credit files. The new law requires the Federal Trade Commission (FTC) and the credit reporting agencies to establish web pages to make it easier for consumers to take advantage of their new rights.