Lalita Clozel
speaker
117 appearances
3 recordings
1 series
first heard Mar 2018
last heard Sep 2019
Lalita Clozel’s voice in public audio — every appearance, attributed to the second.
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Appearances
Thank you.
So the bill would impose a national standard that would require all credit reporting agencies to offer free credit freezes to consumers and unfreezes, meaning once your credit freeze has been implemented, when you want to turn it off, if you know you're applying for a loan, for instance, then that would be free as well.
In order to make sure that someone doesn't steal your identity, you want to make sure that they can't go in and apply for a loan in your name.
When you freeze your credit report, that means that a potential lender can't go in and ask for the credit reporting firm to verify your credit.
So
Ultimately, they probably wouldn't move forward offering a loan to someone in your name when you freeze your credit report.
And that's the value.
That's why a lot of people who suspect they've been a victim of identity theft would want to freeze their credit report.
That's exactly it.
And then they can't use it to apply for loans in your name.
Right.
So it's a source of revenue, not probably the largest source of revenue.
But they do charge for the services.
In most states in the U.S., they're allowed to charge for those services.
Typically, it'll be up to a $10 fee.
And if they don't get that source of revenue, then in some cases, they
they might not even be able to cover the costs of providing the services.
There are three major credit reporting firms in the U.S., Equifax, TransUnion, and Experian.
So the breach affected Equifax, but...
Obviously, those reforms are going to affect the entire industry and TransUnion and Experian as well.
Showing 81–100 of 117 · page 5 of 6
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