Crespo Backs Legislation to Protect Consumers from Identity Theft

SPRINGFIELD, Ill. – In response to the recent Equifax data breach, state Rep. Fred Crespo, D-Hoffman Estates, is sponsoring new legislation that would prevent credit reporting agencies from charging fees to consumers who wish to freeze their credit report.

“Identity theft is a very real problem, and can have a lasting impact on an individual’s finances,” Crespo said. “While there is always the risk of hackers accessing sensitive information, there are tools available to protect an individual after a breach, such as freezing a credit report. Consumers should be able to freeze their credit without being charged unnecessary fees by reporting agencies.”

Crespo is supporting House Bill 4095, which would protect Illinois consumers from paying fees to request a freeze from a credit reporting agency. Currently, consumers can freeze their credit with the three major credit reporting agencies, Equifax, Experian and TransUnion, by paying a fee of about $10.

According to Illinois Attorney General Lisa Madigan, the Equifax data breach is believed to have affected approximately 5.4 million Illinoisans and 143 million Americans. Crespo wants consumers across Illinois to be protected from identity theft, and does not believe that credit reporting agencies should be profiting off consumers who have to freeze their credit report.

“As a legislator, it’s important to me that we are doing everything to protect the consumer,” Crespo said. “Approximately 40 percent of Illinois residents had their personal information put at risk as a result of the Equifax data breach. This legislation will prohibit these multi-million dollar credit reporting agencies from charging consumers a fee for the company’s mismanagement of highly sensitive information.”