Thursday, November 15, 2007

Financial security pros recommend consumers consider a security freeze

Today, Nov. 15, 2007, the Business Section of The Washington Post has, on p D02, a column by Michelle Singletary, "The Color of Money: A Way to Freeze Out ID Thieves" here.

The security freeze, offered by Experian, Trans Union and Equifax, allows consumers to block accesses to their reports from new vendors. This would indirectly prevent new accounts from being set up in a person's name illegally. Usually this requires a certified letter, and each bureau has a procedure to lift the freeze at the end. There may be a charge for this freeze, although many states are pressing to force companies to make these freezes free.

Again, we wonder why credit grantors are so careless that they are not sure of the identity of the person to whom they grant car loans or credit cards. This has been covered before.

1 comment:

OneOne said...

"To temporarily remove a security freeze for a specific party, provide
your personal identification number to the party you wish to grant
access to your report"

We can't believe Experian is doing this!  The other two provide
separate one-time use PINs for third parties.