As of Friday, January 19, 2018
OLYMPIA A bill passed yesterday by the Senate Financial Institutions & Insurance Committee would eliminate the fees that credit bureaus charge customers who want to freeze their credit reports to protect their personal information.
Sen. Mark Mullet, D-Issaquah, the committee’s chair, sponsored Senate Bill 6018 in response to the major Equifax database hack last summer that exposed the private information of more than 143 million Americans.
“This bill is an important, bipartisan consumer protection measure that I’m hoping will pass out of the Senate very soon,” Mullet said. “Washington residents can’t afford a delay and need this problem solved.”
Following the Equifax hack, consumer watchdogs recommended that customers request a “credit freeze” from credit reporting agencies to ensure that the stolen information could not be exploited.
A freeze blocks access to a credit report, which makes it more difficult for identity thieves to open new accounts using stolen data.
Credit reporting agencies charge Washington residents $10 to temporarily freeze their credit reports. But a consumer who needs to unfreeze the account to generate the credit report necessary to buy a car, take out a mortgage or open a bank account must pay the fee again to each agency.
That means that those who freeze and unfreeze reports with all three major agencies actually face some $60 in fees.
“Consumers whose sensitive financial data has been exposed through no fault of their own should not have to pay to protect their credit rating,” Mullet said. “These high-profile, cyber security threats have created a lot of fear, but I’m confident that my bill will make it easier for people to protect themselves and their identities without financial penalties.”
Mullet noted that the bill is one of his top priorities for the 2018 legislative session, which began this week, and he said that he plans to continue pushing for it to be passed and signed into law quickly.