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New Credit Law Allows Consumers to Request Information Freeze

By on January 12, 2016

SAN JUAN – A new law will allow consumers to request credit bureaus to stop providing their credit information to third parties. Act 236-2015, or the “Credit Freeze for Security Reasons Act,” authored by Sen. Ramón Luis Nieves, aims to provide yet another resource for consumers against the possibility of fraud or identity theft.

“Identity theft and fraud are common crimes in Puerto Rico,” Nieves said, “Act 236-2015 provides people with the tools to protect their credit information. As president of the Senate Banking Committee and due to my previous professional experience in that industry I am convinced that this new law will help protect thousands of consumers in our country.”

The security freeze will remain in place until the consumer requests it to be removed. The credit information agency then will have three days to remove the freeze after the request.   

While the federal Fair Credit Reporting Act addresses issues related to credit reports, various U.S. jurisdictions such as California, Connecticut, Florida, Hawaii, New York, Washington and now Puerto Rico have passed legislation allowing citizens that suspect others are using their credit improperly to call credit agencies and order them to suspend the release of their information.

According the law’s preamble, each year some 700,000 people are victim of identity theft in the U.S. In Puerto Rico, 60 to 70 such cases are reported monthly.

By Caribbean Business staff

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