Worried about identity theft? New Mexico residents have the opportunity to use a security freeze to protect their finances from identity thieves. The 2007 Legislature passed a bill, then signed into law by Gov. Bill Richardson, establishing the use of a security freeze.
A security freeze essentially “freezes” an individual’s credit report at the three credit reporting agencies, Equifax, TransUnion and Experian, so that a new account, such as a credit card, bank account or other financing, cannot be opened in that individual’s name without his direct authorization.
To request a freeze, an individual will need to send a letter to each credit reporting agency by regular or certified mail, providing a copy of a government issued identification, proof of current residence and the required fee if under age 65. (You and your spouse have to do this separately.)
A confirmation containing a password or personal identification number (PIN) should be received within five working days. The password or PIN will be needed to “unfreeze” the credit file when the individual wants to open a new credit or financial account.
For individuals age 65 and over or for victims of identity theft, there are no fees charged, except Experian may charge a $5.25 gross receipts tax.
For individuals under the age of 65 there is a $10 fee to initiate the freeze ($10.50 for Experian), a $5 fee to lift the freeze ($5.25 for Experian) and a $10 fee to reinstate the freeze ($10.50 for Experian) once it has been lifted. For example, if an individual chooses to start a freeze at all three agencies the full cost would be $30.50.
For a sample letter, e-mail bvelasquez@aarp.org or call 1-866-389-5636. ext. 3605.