Credit Freeze Law to be Passed in State

Published on:
11 April 2007 at 04:35 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00018311-credit-freeze-law-to-be-passed-in-state/

The State of Washington is expected to pass a wide-sweeping bill, Senate Bill 5826, allowing consumers to instigate credit freezes on their credit reports for any reason.

Though wide-sweeping, the bill isn’t all encompassing. It doesn’t keep everyone out. Collection agencies, DSHS, and the IRS are exempt. And credit reports are still available for use in pre-screenings.

In its first incarnation, the bill, if passed, would not have gone into effect until July of 2009. The bill was amended; now, if passed, it will go into effect September of 2008.

To freeze a credit report, the consumer will have to pay a $10 fee to each credit reporting agency unless you can prove you’ve been a victim of identity theft. Consumers can also unfreeze reports to apply for loans or credit cards.