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Brian Nystrom
Joined: 26 Jan 2004
Posts: 4189
Location: Nashua, NH

9/18/17 9:01 AM

Freezes are not going to affect their business much.

This is not information that they "sell" in huge batches to companies; it's a service that they sell to entities that offer consumer credit. When consumers want to get new credit cards, rent an apartment, buy a car or a house, or even change jobs, they'll have to unfreeze their account for that potential creditor. They will, in turn, order a credit report from the credit bureau, which will charge them for it, just like they do now.

The only difference between that and the current system is the number of freeze/unfreeze cycles involved, which they will no longer be able to charge for if the new legislation passes. They will lose those fees, but there never would have been any fees if people didn't freeze their accounts, which most people did not. So, they're not losing that much there, either. There's probably some cost to the credit bureaus to process a freeze or unfreeze, but it may be no more than a few milliseconds of computer time.

Chances are that the credit bureaus will just raise the fees they charge for credit reports to make up for any losses.

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Joined: 08 Dec 2003
Posts: 16861
Location: Portland, OR

9/18/17 10:28 AM

I was referring more to what possible percentage of consumers will become more inactive buying having to unfreeze/freeze etc. And/or freezing spending till smoke clears etc...

Anyone take the time to read Warrens bill, is it out there?

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Jesus Saves
Joined: 16 Jun 2005
Posts: 1131
Location: South of Heaven

10/29/17 11:13 AM

October 29, 2017 update: If you have not done so already, consider placing a security freeze. With the help of my wife, I just now placed a security freeze for the big 3 credit bureaus for her. It took about a 1/2 hour to knock out all three - all done online. No phone calls, no letters, no paint dry watching web page loading. A much faster and smoother process than when I did it for myself back in mid September.

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