Michigan Laws 445.2532 – Release of protected consumer’s credit report, information, or record; duration of security freeze
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 445.2532
- 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
- Protected consumer: means either of the following:
(i) An individual who is under 16 years of age at the time a request for the placement of a security freeze is made. See Michigan Laws 445.2512Record: means a compilation of information that meets all of the following:
(i) Identifies a protected consumer. See Michigan Laws 445.2512Representative: means an individual who provides to a consumer reporting agency sufficient proof of authority to act on behalf of a protected consumer. See Michigan Laws 445.2512 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 Security freeze for a protected consumer: means any of the following:
(i) If a consumer reporting agency does not have a file pertaining to a protected consumer, a security freeze that meets both of the following:
(A) Is placed on the protected consumer's record under this
act. See Michigan Laws 445.2512
(1) If a security freeze is in place, a consumer reporting agency may not release a protected consumer‘s credit report, any information derived from the protected consumer’s credit report, or any record created for the protected consumer.
(2) A security freeze for a protected consumer shall remain in effect until 1 of the following is met:
(a) The protected consumer or the protected consumer’s representative requests the consumer reporting agency to remove the security freeze under section 23.
(b) The security freeze is removed under section 25.