New Law Will Protect Your Identity and Credit
Credit Security Act's Provisions Will Begin to Take Effect Next Year
Source: AARP.org | June 29, 2007
AARP Tennessee led the fight for a tough new consumer protection law to prevent identity theft and protect credit information.
The law gives consumers an opportunity to "freeze" access to their credit information, so would-be thieves will be blocked from making a major purchase or opening a credit account under a stolen identity.
Another provision protects Social Security numbers from getting into the wrong hands.
The measure, sponsored by House Majority Leader Gary Odom (D-Nashville) and Senator Raymond Finney (R-Maryville), passed the General Assembly with broad bipartisan support and was signed by Gov. Phil Bredesen in a ceremony at the state capitol. It includes two major provisions aimed at protecting Tennesseans from the fastest-growing crime in the nation—identity theft.
The security freeze goes into effect in September 1, 2008. Consumers can set up the security freeze by notifying each of the three major credit bureaus, which can charge no more than $7.50. When a person is ready to make a major purchase or apply for credit, he or she can lift the freeze temporarily by phone or email within 15 minutes.
The second part of the new law is aimed at protecting Social Security numbers from getting into the wrong hands. Starting January 1, 2008, businesses and not-for-profit agencies will have to start taking reasonable steps to protect Social Security numbers. It will specifically be illegal for them to print Social Security numbers on membership cards and most mailings, or to require a Social Security number be used to log into their Internet site.
AARP Tennessee will be working to make citizens aware of the new Credit Security Act and other ways people can protection themselves from identity theft.
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