Tuesday, September 23, 2008
After three years of consumer advocacy on the part of the Georgia chapter America Association of Retired Persons and its 1.1 million members, the Georgia General Assembly passed House Bill 130 -- which gives Georgians an effective tool to fight new account fraud.
"Every year, identity theft thieves scam $16 billion by opening up new credit using someone else's good name," according to an AARP Georgia press release.
"Georgia ranks 7th in the nation for identity theft," according to Yolanda Hallas, associate state director for Community Services for AARP Georgia.
New account fraud comprises 15 percent of identity theft cases, according to data from the Federal Trade Commission's Identity Theft Clearing House, as cited by the AARP release.
Victims spend "an average of $1,180" and work and average 40 hours per case to correct their accounts.
The bill, which went into effect Aug. 1, protects Georgians by allowing them to block access to the use of their credit, thus preventing credit fraud before it ever occurs.
"To use credit freeze protections, consumers need to contact each of the major credit bureaus to request the freeze," according to the AARP.
The request should be made to all three major consumer reporting agencies -- TransUnion, Equifax and Experian -- since each might house different credit data. The request may be made in writing, by telephone, or through secure electronic connection.
Within 10 days of acting on a request, the consumer reporting agencies will mail the consumer a four-digit PIN number. The PIN number may be used any time you want to apply for new credit or access your credit report.
Without this PIN number, an identity thief will be unable to apply for new credit using your name or access your credit report. A cost of $3 will be charged by each credit bureau.
Source: http://www.times-herald.com/Local/
