Virginia legislature narrows faster credit report security freeze

The right to a credit report security freeze was created in Virginia in 2008 to prevent credit, loans, and services from being approved in consumers' names without their consent. A "security freeze" means a notice placed in a consumer's credit report, at the request of the consumer that subject to certain exceptions, prohibits the consumer reporting agency from releasing the consumer's credit report or score relating to the extension of credit. The new law passed last year provided that security freezes must be requested in writing by certified mail. Section 59.1-444.2 of the Code of Virginia gave credit reporting agencies  three days to act on a consumer's request to freeze their credit reports from July 1, 2008 through July 1, 2009, but required that security freezes be placed in effect within one day beginning July 1, 2009. In the 2009 session, the General Assembly modified this requirement by limiting it to cases in which consumers make the request electronically at an address designated by the consumer reporting agency to receive such requests. For requests not made electronically at that address, the current obligation that the freeze be imposed within three business days after receiving the consumer's request will continue to apply.  Consumers need to provide proper identification, and may be charged up to $10.00 for a security freeze.