SPRINGFIELD, Ill.—In what may be an indication that a number of states may move to help consumers address the recent Equifax data breach, Illinois lawmakers are working to end the $10 fee for freezing consumer credit data.
The state’s move comes months after Equifax exposed the sensitive personal information of tens of millions of Americans. Many Americans have been freezing their credit in response.
The cost to freeze credit is $10, and another $10 to unfreeze it, something a consumer would have to do when applying for a loan.
“And then another $10 to freeze it again, and so on and so on—and that has to be multiplied by three separate companies. That would no longer be allowed,” NPR Illinois reported.
State Rep. Greg Harris (D) said the fee needs to go “so that our population is not penalized over and over again for the misdeeds and the lack of security at the Equifax corporation," NPR Illinois said.
Harris said that the credit bureaus have many other ways to make money.
“This year, the credit rating agencies, between them, will be making $10 billion — $10 billion," Harris told NPR Illinois. "So yeah, I don’t think the $10 fee is going to nick the bottom line too badly.”
The measure, House Bill 4095, has passed the Illinois House of Representatives on a voice vote of 109-0. It now goes to the state Senate.