Admin

The U.S. Senate is considering a banking reform bill tthat would ban credit agencies' practice of charging for a credit freeze, one of the crucial steps experts say can help pre-empt identity theft.

Lawmakers have been under intense pressure to draft laws that better protect consumers following the data breach at Equifax, which affected nearly 148 million people in the U.S. as well as consumers in Canada and the U.K. (see Equifax Discloses 2.4 Million More Mega-Breach Victims).

In 42 states, credit bureaus are allowed to charge for freezing a record if the person has not been a victim of identity theft. The fees range from $3 to $10.

Experts generally recommend credit freezes, particularly with the growth in identity theft. Once a...