The increase in the rate of identity theft in the United States—highlighted by the massive Equifax data breach earlier this year—has lawmakers at state and federal levels taking action.
Elected officials are pushing legislation to help victims and tighten regulations. The goal is to enact laws that enhance security and protection measures, as well as provide remedies for consumers affected by data breaches.
A central feature of much of the new legislation is to mandate free credit freezes and related activities for consumers whose data has been breached. Unless you’re an identity theft victim, in which case credit freezes are free, credit reporting agencies can charge up to $10 to freeze a single credit report and, possibly, another fee to unfreeze it. With three major credit reporting agencies in possession of such data, a consumer might want to pay three times for each freeze to ensure the best possible protection.
The number of data breaches in the U.S. is on track to hit a record high this year, according to the Identity Theft Resource Center. The center estimates the number of U.S. data breaches could reach 1,500 in 2017, a 37 percent annual increase over 2016.