| It's no gardener's paradise to get "hit" by | | | | Exploit "Regular Business"? What the Bad |
| identity theft or to find out a month after | | | | Guys do is exploit this business model, by |
| the fact that some criminal has learned about | | | | inserting themselves into the "demand" side |
| your accounts, gone on a spending spree, | | | | of these businesses...using your name or |
| leaving you with the bills to pay! "No more!" | | | | other credit details to apply in your name |
| say the Garden State legislators, joining | | | | for a new credit card.Normally, as in 80% or |
| states such as California, Connecticut and | | | | more of the cases, the fraudsters get away |
| Louisiana in an upgrade of consumer | | | | with it. Result? A new credit card is |
| protection laws to reduce abusive credit card | | | | issued to them, in your name...they go on a |
| fraud and identity theft.What Credit Freeze | | | | spending binge until the credit max is |
| Laws Deliver To Garden Staters. While Tony | | | | met...30 days later along the normal billing |
| Soprano might get away with "whacking" other | | | | cycle you suddenly open your mail and |
| bad guys, New Jersey residents expect a | | | | discover a new card with literally thousands |
| better deal and definitely seek ways to | | | | of dollars of purchases! "What's this? I |
| minimize identity theft, credit card fraud, | | | | never bought this stuff!"...and then the |
| corruption of bank and checking accounts. | | | | penny drops...you've been ripped off. Credit |
| This is where a credit freeze law creates a | | | | card fraud, identity theft, the whole 9 yards |
| key control-tool for residents. How credit | | | | and you're now facing a huge problem to clean |
| freeze works is that New Jersey residents | | | | up your credit history, remove these |
| formally notify in writing the three major | | | | fraudulent charges, and more.What New Jersey |
| front line credit bureaus...TransUnion, | | | | Resident Need To Do. The first thing to do |
| Experian and Equifax...plus add a $10 fee and | | | | is "wake-up" to the real and growing risk of |
| designate that no credit report request can | | | | identity theft and credit card fraud. |
| be acted upon without the account holder's | | | | Literally 10s of billions of dollars of fraud |
| permission.How Does The New Jersey Credit | | | | related to identity theft occur each year. |
| Freeze Law Stop Bad Guys & Good Guys? | | | | Realistically, 80% to 90% of credit card |
| Remarkably, the Bad Guys who seek to defraud | | | | fraud occurs unnoticed by consumers, until |
| you, get most of their support for access to | | | | it's too late. Meanwhile the Bad Guys |
| your files and credit history from the | | | | disappear, their pockets filled with gear |
| alleged Good Guys, namely the credit bureaus | | | | that they've stolen, using your name and |
| and the hundreds of firms offering credit | | | | credit.Garden State residents need to |
| privileges. Why? To be clear, there's no | | | | formally advise in writing each credit bureau |
| direct collusion or relationship between | | | | to place an immediate permanent credit freeze |
| fraudsters and legitimate businesses. | | | | on their credit history reports, plus add a |
| However, the indirect side of the situation | | | | $10 to $12 fee per bureau. Once in place, |
| is where the intersection between good and | | | | your credit freeze means that the bureau can |
| evil occurs. Here's the rub. The credit | | | | no longer sell or provide any of your |
| bureaus, maintaining millions of credit | | | | personal data to any party, nor can any new |
| history file records are seriously motivated | | | | credit request or new credit be issued unless |
| to do what...? You got it...to sell for a | | | | you personally approve and you pay a $12 |
| fee your credit history report to credit card | | | | release fee to transfer your credit history |
| companies, merchants, gasoline companies, | | | | report to a specific firm.New Jersey credit |
| department stores, hardware and building | | | | freeze laws are all about increased consumer |
| stores plus the raft of merchants seeking to | | | | protection and a push back against identity |
| uncover new customers.How Do The Bad Guys | | | | theft and credit card fraud. |