Randy’s “Equifax Bill” Floor Speech – 2/14/18

Friday, February 16th, 2018 @ 4:14PM

Randy’s “Equifax Bill” Floor Speech – 2/14/18

This week, Representative Randy Hunt spoke in support of H.4232, An Act removing fees for security freezes and disclosures of consumer credit reports, also known as the “Equifax Bill.” The bill, which passed the House of Representatives on a 152-0 vote, is now being considered by the Senate.

Speech excerpts:

“These fees for freezing and unfreezing your account are going to be eliminated with the passage of this bill… It [currently] costs five dollars for each of the credit bureaus to do that, so [initiating a credit freeze] for five dollars each in the major three credit bureaus and then [removing it for] another five dollars, they’re actually just benefiting from the fact that Equifax was unable to keep that information that they hold private…When you want to have a credit check for a new car, new house or applying for some sort of loan, this bill says that you can unfreeze that account, and they only have 15 minutes to get that done.”

Under this bill, “credit monitoring [services are free] for a year if your record is breached, which includes your security number, is not just if the credit bureaus have the data breach. It’s for any company, anybody, that holds that information who is not able to keep it away from the hacker’s hands. That company has to pay for this one year of credit monitoring.”

“The one free annual free credit report that you get under this bill is [free] in addition to the one free credit report that you get under federal regulations.”