HB 6403 Summary

• Allows parents or legal guardians to place security freezes on minor children's credit reports by submitting written requests with proper identification and proof of authority to credit rating agencies.

• Credit rating agencies must place freezes within five business days and create a record for the minor child if no existing file exists; such records cannot be used to evaluate creditworthiness and cannot be released without authorization.

• Parents or legal guardians can request removal of a minor child's security freeze by submitting written requests with proper identification and proof of authority, with removal occurring within fifteen business days.

• Defines "sufficient proof of authority" to include court orders, birth certificates, or notarized statements signed by a parent or legal guardian and acknowledged by a judge, clerk, town clerk, notary public, justice of the peace, or attorney.

• Establishes that credit rating agencies cannot create or use minor child records for credit evaluation purposes and cannot disclose a minor child's credit report or derived information to third parties.