NEWS RELEASE

Media Contact:
Renee Beauregard 303-400-3456
Ken Scott 713-682-1382, pager 1(800) 901-4418

Credit Report Security Freeze Could Aid Colorado Consumers in the Fight Against Identity Theft

Denver, CO – May 3, 2005 – Colorado consumers soon may have one more tool to help manage identify theft. A security freeze is one of the latest tools being developed to help manage identify theft and under consideration by the Colorado Legislature.

If a consumer puts a security freeze on his or her credit report, this prohibits a consumer reporting agency from releasing any information without the consumer's permission. "A security freeze on a credit report will help consumers control who has access to their credit reports and credit ratings," stated Renee Beauregard, executive director, Consumers United Association.

"With a security freeze in effect, businesses that issue credit or loans will not be able to review the consumer's credit report or credit score. Consequently, an application from an identity thief will be denied and a case of identity theft will be thwarted," explained Beauregard.

The security freeze will not apply to companies where the consumer currently has accounts, law enforcement or legal agencies.

"If the consumer wants to apply for another credit card or a loan, he or she can unlock temporarily his or her files by contacting the credit bureaus and providing a security code," explained Beauregard. "Even though lifting the security freeze may delay a consumer's loan application or credit card approval, we at Consumers United Association think this small inconvenience is well worth protection of your credit information," commented Beauregard.

The Federal Trade Commission reports in 2004, 4,409 Colorado residents were victims of identity theft; 95.8 per 100,000 population. In Colorado, Denver reported 859 cases, 527 in Colorado Springs, 313 in Aurora, 168 in Littleton and 158 in Pueblo. Colorado ranked fifth in the nation of identity thefts following Arizona, Nevada, California and Texas.

"Identity theft continues to grow in number. Consumers need all the resources they can to stop this problem," continued Beauregard. "A security freeze is another way to help protect consumers."

Consumers United Association (CUA) is a nonprofit consumer advocacy association serving consumers in Colorado. CUA is an association made up of people and corporations who are dedicated to educating consumers on financial issues, which impact their personal lives. CUA offers services and resources to aid consumers in the resolution of consumer problems and provide a united voice for consumers in the legislative arena. For more information visit www.cuacolorado.org.