The "credit freeze" portion of this bill went into effect July 1, 2006. This allows a consumer to "freeze" their credit record at each credit bureau.

You will need to contact each credit bureau to completely freeze your credit. Follow these instructions [1] to freeze your credit at each bureau.

How will a credit freeze protect me?

Placing a security freeze on your credit reports means an identity thief ó even one who has your name, address, Social Security number, birth date and more ó will not be able to get new loans and credit in your name. Thatís because lenders, retailers, utilities and other businesses need access to a credit report to review and approve new credit, loans, and services.

Who can freeze their credit?

Any citizen can freeze their credit. But you must determine if your state has credit freeze laws.

How do I freeze my credit?

If your state has credit freeze laws you must follow the state laws [2]. If your state does not have laws then you can file directly with the three credit bureaus.

How much will it cost?

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

Isn't this just another way for the credit bureaus to get more money from us?

It might seem that way, but those in Colorado should feel lucky that this is available. Fraud alerts [3] are ignored by some creditors and a security freeze provides a much stronger means of protection. The service is free for victims, and believe me, they are glad to have the option.

Will I need to freeze my report with each credit bureau?

Yes. When you go to buy a new car, open a charge account, or refinance your house, you don't know which bureau the lender will use to request your report. In other words, for the best protection you'll need to freeze your credit at each bureau.

How will I open new credit lines if my report is frozen?

People whoíve frozen their credit reports can still get new loans and credit for themselves. Credit bureaus have set up a PIN-based system to allow people with frozen credit reports to contact the credit bureau, provide a PIN number, and allow their credit report to be released to a specific lender or for a specific period of time. Credit bureaus are obligated to release the report within three business days of such a request.