Following last year’s disclosure by Equifax that information was stolen on an estimated 143 million U.S. consumers, a provision for free credit freezes was included in legislation to roll back some of the more burdensome provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
While the Economic Growth, Regulatory Relief, and Consumer Protection Act — which was signed into law by President Donald Trump in May of this year — was viewed as good for financial services entities and bad for consumers, it required that the credit bureaus provide consumers with the ability to freeze their credit at no charge.
Source: Mortgage Daily
