Terms Used In Michigan Laws 445.2522
- Consumer: means an individual who resides in this state. See Michigan Laws 445.2512
- Consumer reporting agency: means any person that, for monetary fees or dues or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers for the purpose of furnishing credit reports to third parties and that uses any means or facility of interstate commerce for the purpose of preparing or furnishing credit reports. See Michigan Laws 445.2512
- Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
- Credit report: means any written, oral, or other communication of any information by a consumer reporting agency that is related to a consumer's creditworthiness, credit standing, or credit capacity, and is issued or expected to be used or collected in whole or in part for the purpose of serving as a factor in establishing the consumer's eligibility for credit. See Michigan Laws 445.2512
- person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l
- Security freeze: means a restriction placed on a consumer's credit report at the request of the consumer that prohibits a consumer reporting agency from releasing the consumer's credit report or any information derived from the consumer's credit report without the express authorization of or on behalf of the consumer. See Michigan Laws 445.2512
Within 5 business days after placing a security freeze on a consumer‘s credit report under section 11, the consumer reporting agency shall do all of the following:
(a) Send a written confirmation of the security freeze to the consumer.
(b) Provide the consumer with a unique personal identification number or password to be used by the consumer when authorizing the release of the consumer’s credit report to a specific person or for a specific period of time.
(c) Provide the consumer with a written statement of the procedures for requesting the consumer reporting agency to remove or temporarily lift a security freeze.