Earlier this year, a bill titled Senate Bill 2155 was passed that requires a new notice to consumers. We are following the matter closely and expect the CFPB will revise the current summary of rights to include this new notice and our system will be updated at that time. However, we know it is highly unlikely that the revision will happen before the September 21st deadline when CRA’s are required to provide the new notice and are currently working on it. We will have a follow-up announcement in the coming weeks.
What is Senate Bill 2155?
Senate Bill 2155 is an amendment to the Fair Credit Reporting Act (FCRA) to allow consumers to request a security freeze from the nationwide credit reporting agencies (Equifax, Trans Union, and Experian) free of charge.
What you should know
- S. 2155 goes into effect September 21
- Once in effect, consumers can freeze credit free of charge
- Length of time for initial fraud alerts is increased from 90 days to one year
- A new notice must be included in the summary of rights provided to consumers