![]() ![]() 2155, which rolls back some banking regulations put in place after the financial crisis that rocked the U.S. Senate on March 14 would require credit-reporting firms to let consumers place a freeze without paying (the measure is awaiting action in the House of Representatives).īut there may be a catch: According to CNBC, the congressional effort to require free freezes is part of a larger measure, S. A provision included in a bill passed by the U.S. ![]() However, freeze fees could soon be a thing of the past. “This data is surprising considering that older generations have been working on building their credit for a longer period of time, and thus they have a more established record to protect.” “Thirty-two percent of millennials, 16 percent of Generation Xers and 12 percent of baby boomers froze their credit,” Fundera explained. ![]() In a blog post published today, Fundera said the percentage of people who froze their credit in response to the Equifax breach incrementally decreases as people get older. The average cost to consumers who froze their credit after the Equifax breach was $23.Ī credit freeze blocks potential creditors from being able to view or “pull” your credit file, making it far more difficult for identity thieves to apply for new lines of credit in your name.ĭepending on your state of residence, the cost of placing a freeze on your credit file can run between $3 and $10 per credit bureau, and in many states the bureaus also can charge fees for temporarily “thawing” and removing a freeze (according a list published by Consumers Union, residents of four states - Indiana, Maine, North Carolina, South Carolina - do not need to pay to place, thaw or lift a freeze). The figures, commissioned by small business loan provider Fundera and conducted by Wakefield Research, surveyed some 1,000 adults in the U.S. Respondents were asked to self-report how much they spent on the freezes 32 percent said the freezes cost them $10 or less, but 38 percent said the total cost was $30 or more. The findings come as lawmakers in Congress are debating legislation that would make credit freezes free in every state. Almost 20 percent of Americans froze their credit file with one or more of the big three credit bureaus in the wake of last year’s data breach at Equifax, costing consumers an estimated $1.4 billion, according to a new study. ![]()
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