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
So as you can imagine, they're not too happy about having to deal with this additional oversight as a result of the Equifax hack.
And the bill would be a pretty big change because it would preempt state law.
So the change would be pretty broad because it would override any state laws on compliance
credit freezes.
And there's dozens of state laws that describe how credit reporting firms, how much they can charge for these services.
And now it would be just a blanket across the country, no charge.
They have a specific time period within which they have to comply and freeze your credit report.
It depends on if you request electronically or if you do it by snail mail, for instance.
They'd have three days.
If you do it electronically, they'd have one day or by phone.
Some of the credit reporting firms have indicated that they'd be able to piggyback on those requests, right?
If a consumer calls and tries to request a credit freeze, then they could at the same time
try to sell certain products that they'd be able to charge for.
So this is actually a provision that's part of a broader bill in the Senate, a bipartisan bill that is mainly focused on
easing regulations on some regional and mid-sized banks.
So the bill is likely to pass by next week.
Thank you so much.
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