Freedom from Equifax Exploitation Act
This bill amends the Fair Credit Reporting Act to revise fraud alert provisions required of consumer reporting agencies. A fraud alert must be placed in a consumer's file upon request if the consumer suspects harm from an unauthorized disclosure. The time period for fraud alerts is extended from 90 days to 1 year. The bill also revises provisions relating to 7-year renewable fraud alerts in cases of identity theft.
The bill establishes a credit freeze process. A consumer reporting agency must place a free credit freeze on the consumer's file upon a consumer's request, prohibiting a consumer reporting agency from releasing any credit information without the consumer's permission. Consumer reporting agencies must provide procedures for temporarily and permanently lifting the freeze at no charge to the consumer. Consumers are allowed a free credit report when requesting a credit freeze. While the file is subject to a freeze, a consumer reporting agency is prohibited from including the consumer in lists provided to third parties for credit or insurance offers.
A consumer reporting agency must provide on the Internet policies and procedures for consumers to: (1) place, temporarily lift, or fully remove a credit freeze; and (2) make required statements for fraud alerts or credit freezes.
The bill requires consumer reporting agencies to issue a refund of fees to any consumer who requested a credit freeze beginning September 7, 2017, through the day before enactment of this bill.