Summary of Rights to include new ‘Security Freeze’ notice

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Congress recently passed a new law, the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018. This law, among other things, addresses the ability of consumers to place security freezes on their credit reports. Part of this includes the requirement of a new “Security Freeze” notice that must be given to consumers as part of the FCRA Summary of Rights.

Per the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 Section 301(a)(5):

(5) NOTICE OF RIGHTS.—At any time a consumer is required to receive a summary of rights required under section 609, the following notice shall be included:

    Consumers Have The Right To Obtain A Security Freeze
“ ‘ You have a right to place a ‘security freeze’ on your credit report, which will prohibit a consumer reporting agency from releasing information in your credit report without your express authorization. The security freeze is designed to prevent credit, loans, and services from being approved in your name without your consent. However, you should be aware that using a security freeze to take control over who gets access to the personal and financial information in your credit report may delay, interfere with, or prohibit the timely approval of any subsequent request or application you make regarding a new loan, credit, mortgage, or any other account involving the extension of credit.

“ ‘ As an alternative to a security freeze, you have the right to place an initial or extended fraud alert on your credit file at no cost. An initial fraud alert is a 1-year alert that is placed on a consumer’s credit file. Upon seeing a fraud alert display on a consumer’s credit file, a business is required to take steps to verify the consumer’s identity before extending new credit. If you are a victim of identity theft, you are entitled to an extended fraud alert, which is a fraud alert lasting 7 years.

“ ‘ A security freeze does not apply to a person or entity, or its affiliates, or collection agencies acting on behalf of the person or entity, with which you have an existing account that requests information in your credit report for the purposes of reviewing or collecting the account. Reviewing the account includes activities related to account maintenance, monitoring, credit line increases, and account upgrades and enhancements.’ .


The CFPB has issued an interim rule effective 09/21/18, which provides the new Summary of Rights, but also allows the use of the current Summary of Rights document so long as a separate page that contains the additional required information is provided in the same transmittal.

Justifacts’ system will be updated on 09/21/18 to include the new Summary of Rights.

The new Summary of Rights documents are available here: Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 Section 301(a)(5)


It is important to note that Justifacts is providing this information as a service to our clients. None of the information contained herein should be construed as legal advice, nor is Justifacts engaged to provide legal advice. We go to great lengths to make sure our information is accurate and useful. We recommend you consult your attorney or legal department if you want assurance that our information, and your interpretation of it, is appropriate to your particular situation.


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