New Colorado security freeze - July 1 2006

Colorado has a new credit freeze law going into effect July 1st. Here’s the details from the Colorado Attorney General:

Beginning on July 1, 2006, consumers will have the option of requesting any consumer reporting agency to place a security freeze on the consumer’s credit report. That freeze will prohibit that credit reporting agency from releasing the credit report or on any information contained in that report. A consumer will be able to place a security freeze on his or her credit report by making a request in writing by certified mail to the consumer reporting agency. Once that security freeze is in place, the consumer reporting agency will not be able to release that report or information contained in that report without the prior express authorization from the consumer. See Senate Bill 05-137.

The consumer reporting agency must place a security freeze on a consumer’s credit report within 5 business days after receiving the request from the consumer. If a consumer wants to remove the security freeze on his or her credit report, the consumer must request that the freeze be temporarily lifted and provide the following:
  * Proper identification;
  * The unique personal identification number and password provided by the consumer reporting agency; and
  * The proper information regarding the third party who is to receive the credit report or the time period that the report shall be available.

Fees: No fee for first freeze; $10 to place a second freeze, $10 to lift, $12 for temporarily lift for one creditor