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On May 24th, President Trump signed the Economic Growth, Regulatory Relief, and Consumer Protection Act, which loosens the restrictions placed on banks after the financial crisis. What the new law means for you is that you can now "freeze" or "thaw" your credit for free.

Credit experts often recommend a credit freeze as a way to prevent credit fraud and identity theft. Many people froze their credit after the recent Equifax breach that released the personal data of 146 million Americans.

However, unless prohibited by state law, each of the three major credit reporting bureaus - Equifax, Experian and TransUnion - could charge $10 for each freeze and $10 for each thaw (the re-opening of credit to apply for a new mortgage, car loan, etc.).

Previously, Michigan did not prohibit the credit reporting agencies from charging fees for each freeze and thaw, but those fees will disappear when the new law goes into effect in late September.

To freeze your credit online, you can go to ExperianEquifax, and TransUnion, and follow the instructions provided.