| Senator Toni Boucher (R-26) today
testified before the General Assembly’s Banks Committee
in favor of her proposal to require credit agencies to
act quickly on consumer requests to put security freezes
on their credit reports.
Under Senator Boucher’s proposed legislation,
SB 701, An Act Concerning Consumer Freezes on Credit
Reports, credit rating agencies would be required
to place a security freeze on a consumer's credit report
within three days of a request, and issue a personal
identification number to the consumer no later than
five days after placing the security freeze.
“Right now, identity theft victims who attempt
to place a freeze on their reports have to wait up to
fifteen business days for the transaction to take place.
It takes five days for the credit bureau to honor the
freeze, and another ten days for the credit bureau to
confirm the freeze and issue a new personal identification
card. This excessive delay is a burden for victims given
that the greatest damage inflicted by the perpetrators
of identity theft occurs within the first couple of
weeks of the crime,” said Senator Boucher, noting
that the problem was brought to her attention by a constituent.
Senator Boucher said that some other states already
require credit rating agencies to respond more quickly
to consumer requests for security freezes. In addition,
Senator Boucher said she would like to see the General
Assembly pass legislation reducing or capping the fees
charged consumers who want to temporarily lift security
freezes.
Under current Connecticut general statutes, if an individual
wishes to temporality lift the freeze, they are subject
to fees and further delay.
“I recommend that your committee support reducing
these fees or capping them in a reasonable manner to
prevent excessive transaction costs. The General Assembly
should lessen the burden and anguish victims of identity
theft endure by adjusting the process to freeze their
credit report,” said Senator Boucher.
Click here to read Senator Boucher's testimony
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