After the Senate approved a House bill on Monday allowing consumers to block release of their credit reports, Georgians can now exercise greater control over their personal financial information. House Bill 130 empowers consumers to impose a security freeze that bars credit agencies from releasing their financial information.

By freezing their credit reports, consumers can protect themselves against identity thieves who steal Social Security numbers or other private data and use that information to obtain loans or charge cards under another person's name.

Even though the Federal Trade Commission estimates that 60 percent of new-account frauds are thieves attempting to obtain credit cards under a stolen identity, Georgia has been slow to offer consumers credit-freeze protection.

In 2006 and 2007, credit agencies fought credit-freeze legislation because they earn more money distributing credit reports than they do freezing them. Retailers also protested because they worried it would make consumers think twice about buying a big-ticket item through the enticement of "instant credit." But after 39 other states enacted freezes to safeguard their residents, Georgia lawmakers finally voted to put the consumers ahead of the industry.

While the credit agencies wanted a $10 charge each time a consumer froze or thawed his or her credit, the Legislature set the fee at $3. There's no cost to people over age 65 or to consumers who have been victims of identity theft.

HB 130 mitigates the concerns of retailers by requiring that credit agencies lift freezes within 15 minutes of electronic or telephone notification by those consumers who may have a sudden impulse to buy a big-screen TV. Consumer advocates say credit-freeze laws ought to be inexpensive, convenient and accessible. HB 130 meets those criteria.