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Financial Services Law Insights and Observations

Virginia eliminates fee for credit report security freezes

State Issues State Legislation Credit Reporting Agency Credit Report CRA Security Freeze

State Issues

On March 10, the Virginia governor signed HB 509, which amends certain statutory provisions related to fees for security freezes on credit reports. Currently, a credit reporting agency (CRA) may charge a fee of not more than $5 when a consumer or his representative requests a security freeze on his credit report, though victims of identity theft are exempt from this fee. HB 509 prohibits CRAs from charging a fee for credit report freezes, regardless of whether the request comes from a victim of identity theft. The amendments take effect on July 1.

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