![]() ![]() TransUnion must also take steps to address and prevent unlawful conduct, including convening a committee to identify and solve technical and systems problems that can affect consumers. The Bureau’s order requires TransUnion to pay $3 million to consumers in redress and $5 million in civil penalties. In addition, the Bureau found that from about 2016 to 2020, TransUnion failed to exclude certain consumers, including active-duty military and other potential victims of identity theft, from pre-screened solicitation lists in violation of FCRA. Further, the Bureau found that TransUnion engaged in deceptive acts and practices by falsely telling certain consumers that their requests had been successful when they had not. The Bureau found that TransUnion’s failure to place or remove security freezes in a timely manner violated the Fair Credit Reporting Act (FCRA), and TransUnion’s failure to place or remove both security freezes and locks in a timely manner was unfair in violation of the Consumer Financial Protection Act of 2010 (CFPA). The Bureau found TransUnion’s failure to place or remove security freezes in a timely manner occurred as a result of problems, including systems issues, that TransUnion knew about but failed to address for years. The Bureau found that TransUnion, from as early as 2003, failed to timely place or remove security freezes and locks on the credit reports of tens of thousands of consumers who requested them, including certain vulnerable consumers in some cases, those requests were left unmet for months or years. Starting in September 2018, Federal law has required nationwide consumer reporting agencies to provide security freezes as a free service, whereas locks are a feature of certain paid products. Consumers can remove or lift security freezes upon request to, for example, apply for credit. Security freezes and locks block certain third parties, such as lenders, from accessing consumers’ credit reports to prevent a potential identity thief from obtaining new credit in those consumers’ names. (collectively, TransUnion), which are headquartered in Chicago, Illinois. It’s a small step that can save you thousands of dollars and hours.On October 12, 2023, the Bureau issued an order against TransUnion, parent company of one of the three nationwide consumer reporting agencies, and two of its subsidiaries, Trans Union LLC, and TransUnion Interactive, Inc. With data breaches becoming the new normal in today’s digital age, taking control of your credit will help stem the potential damage of your information falling into the wrong hands. The bottom line is that the fewer accounts you unfreeze, the better. It won’t always be possible, but it’s worth checking. It would have been easier if I could have thawed my credit at one bureau. When I was at the Apple store, the representative helping me had no clue which credit bureau Citizen’s Bank would use and a quick Google search didn’t point to a clear answer. Sadly, companies won’t always be willing or able to share this information. ![]() Not only is this less work for you, but it also reduces the probability that someone will pounce on one of your unfrozen accounts. If you know which credit bureau-Equifax, Experian, Transunion-a lender is using, only unfreeze your credit at that particular bureau. credit in your name DepositPhotos/johnkwanĤ) Don’t Unfreeze More Accounts Than You Need To One the most important steps you should take to prevent identity thieves from opening a new line of. Stick with the safer and clearer freeze/unfreeze option. In fact, was created by the credit reporting agencies as a one-stop-shop to provide you with your annual credit reports. “With locks it’s not clear who would be liable.” The three national credit reporting agenciesTransUnion, Experian and Equifaxare required by federal law to provide you with a free annual credit report. “Because security freezes are covered by state law, if something goes wrong-for example, if credit accounts are fraudulently accessed anyway-consumers will be protected from any financial liability,” she explains. Credit freezes, on the other hand, are regulated, which means there are processes and procedures in place to protect consumers.Īs Consumer Reports puts it: “In most cases a credit freeze offers better protections against fraud and can be cheaper, making it the best option.”Ĭhi Chi Wu of the National Consumer Law Center agrees. ![]() What the bureaus don’t tell you is that locking your credit is an arbitrary feature that they created, one that isn’t regulated by states or the federal government. It’s like a freeze, but you have much more control since you can lock and unlock online.” Ironically, I’d just unfroze my credit with them online. When I unfroze my credit with TransUnion last December, the receipt included this post script: “With TransUnion Credit Monitoring, you can lock and unlock your TransUnion & Equifax credit reports. Stick with the safer and clearer freeze/unfreeze option Shahar Ziv ![]()
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