KEY PROVISIONS OF BILLS TO SHIELD ARIZONANS’ CREDIT AGAINST ID THEFT

With BC-CNS-Credit-Bills

By Cronkite News Service

HB 2857

Sponsor: Rep. Bob Robson, R-Chandler.

_ Creditors that don’t rely on credit reports must take “reasonable steps” to verify an applicant’s identity.

_ Creditors that use credit reports must take reasonable steps to confirm an applicant’s identity if notified that a consumer is a victim of identity theft or if there is a fraud alert or security freeze on his or her credit report.

SB 1187

Sponsor: Sen. Amanda Aguirre, D-Yuma.

_ Requires credit reporting agencies to respond to a consumer’s request for a security freeze within 10 days.

_ Allows consumers to lift security freezes by mail, phone, Internet and other means approved by credit reporting agencies. Agencies would have three days to comply with requests sent by mail and 15 minutes to comply with requests sent by electronic means.

_ Allows a credit reporting agency to charge a $5 fee for freezing and unfreezing transactions.

PENALTIES

_ Firms failing to abide by either bill’s provisions would be subject to action by the Attorney General’s Office or private action and injunctions.