A recently-enacted federal law requires consumer reporting agencies to allow consumers freeze and unfreeze their credit reports without having to pay a fee. It also requires fraud alerts to last for a year.

Credit freezes, also called security freezes, prevent third parties from getting your credit file from consumer reporting agencies. Creditors generally won’t grant new credit unless and until they can check the applicant’s credit report. Freezing your credit should prevent – or at least make it more difficult – for identity thieves to open new credit cards or loans in your name

Not surprisingly, the new law has raised questions about its scope and requirements, prompting many consumers to contact the Federal Trade Commission looking for answers. In response, the FTC has a blog post entitled, “New Credit Law FAQs”, that provides answers to the most commonly-asked questions. You can access it here.

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