TEXAS TO OFFER FREE CREDIT MONITORING
The state of Texas is now offering free credit monitoring to Texans included in the most recent data loss incident. Previously, Texas planned to offer credit monitoring at a discounted price; however, in light of public criticism, is now offering free credit monitoring.
So what’s the big fuss? Doesn’t the state of Texas knows victims of fraud or identity theft are entitled to a free credit report from Equifax, Trans Union and Experian anyway? Consumers have a right to a free file disclosure under the Fair Credit Reporting ACT (FCRA) if they believe they are a victim of fraud or identity theft. 15 USC 1681, et seq. As a result, this is a windfall for the credit monitoring company selected by Texas – CSIdentity. According to its website, “without CSIdentity, it could take up to 24 months before you even notice a theft.” What? Where does that stat come from? The truth is, credit monitoring is big business and the credit bureaus are all too eager to acquire credit monitoring companies to profit off of reports they are supposed to provide to consumers for free.
In addition to their right to receive a free credit report as a victim of fraud or identity theft, consumers have a right to a free annual file disclosure. Consumers can stagger their requests amongst the three nationwide consumer reporting agencies (Equifax, Experian and Trans Union) and receive a free credit report every four months.
If you believe you are a victim of fraud or identity theft and need help getting your free credit report, then contact consumer protection lawyer Micah Adkins for more information.