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President Trump To Sign Law Making Credit Freezes Free For All Customers

Last updated on Thursday, May 24, 2018

(UNDATED) - With President Trump soon expected to sign into law a bill that not only rolls back some key post-Great Recession banking rules, but also makes credit freezes free for all consumers, WalletHub’s experts today provided some important context for the changes. You can find some highlights below.

WalletHub's experts are also available to provide additional commentary on the impact of the new law.
Freezes are already free for fraud victims - Even if you don't qualify for a free credit freeze under the current rules, it only costs up to $15 to freeze a report and up to $15 to lift the freeze.

Credit card applications will drop - The new law probably won't impact major borrowing events, such as buying a car or a home. But the extra step of having to lift a credit report freeze before applying for a loan or line of credit may be enough of a roadblock to prevent some consumers from applying for a new credit card account if they aren't very motivated to begin with.

A freeze is way better than a fraud alert - When you freeze a credit report, no one but you will be able to access it without your permission. That makes it impossible to take out a loan or line of credit. A fraud alert, https://wallethub.com/edu/fraud-alert-credit-report/25826/ in contrast, doesn't actually do much.

Other free tools are available - Signing up for a free 24/7 credit monitoring service allows you to find out immediately if someone tries to open a loan or line of credit in your name. WalletHub, for example, offers free 24/7 monitoring of your TransUnion credit report. https://wallethub.com/free-credit-monitoring/

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