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New Minnesota law allows credit report freeze

Mon Aug 28, 2006 11:08AM | By Tony

See more in Personal Finance | Permalink | Email | Comments (0)

This law has been in effect since August 1st. Minnesota joins growing list of states that allowed their residents to impose credit report freeze. Any resident of Minnesota can freeze his or her personal credit report for any reason. Victims of identity theft can freeze credit reports for free. Non-victims can do it for a $5 fee. When a credit reporting agency receives a freeze request, it must place the freeze within three days of the request, and supply a unique PIN to the consumer within 10 days of the request. If you forget your PIN, you can get a second one for free, but will have to pay $5 for a third one.

Consumers can unfreeze their credit reports for a specific period of time or for a specific creditor. Again, victims of identity theft can do it without charge, while non-victims may be charged a $5 fee.

Plan in advance if you are buying a car, applying for the mortgage of what have you. Because different lenders may use different credit reporting agencies, you will need to freeze your credit report with each of the three major credit reporting agencies. Each of the three credit reporting agencies has its own process for taking credit freeze requests. The same is true about unfreezing.

You can contact credit reporting agencies at the addresses below:

Experian Security Freeze
PO Box 9554
Allen, TX 75013
(972) 390-4172

Equifax Security Freeze
PO Box 105788
Atlanta, GA 30348

TransUnion Security Freeze
PO Box 6790
Fullerton, CA 92834-6790
(888) 909-8872

Get your free annual credit report to see if it is accurate and have only the accounts you authorized.

Minnesota law follows South Dakota credit report freeze brings the number of states allowing it to 14.

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