New Law Authorizes Credit Freeze
May 6, 2008 – 5:55 am
The 2008 Virginia General Assembly passed HB1311 that authorizes any consumer to freeze access to his credit report. If a consumer has placed a freeze on his credit report, a consumer reporting agency is prohibited from releasing the credit report, or any information in it, without the consumer’s express authorization. The measure provides a means by which a consumer can release his report, permanently, temporarily, or to a specific third party. Certain disclosures are exempt from the freeze.
A fee of up to $10 may be charged for establishing a freeze but identity theft victims are not required to pay a fee. A person who willfully fails to comply with the requirements is liable to a consumer for actual damages of between $100 and $1,000, punitive damages, and reasonable attorney fees. A person who negligently fails to comply with the requirements is liable to a consumer for actual damages and reasonable attorney fees.
You can read about this and other legislative changes in the on-line Legal Updates 2008 course that is now available!
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For information on these or any of our other on-line courses, just contact me at sales@rlsei.com or call me at 540.797.3853.