(Columbus) – Ohio Treasurer Richard Cordray today applauded the official signing of a new law which will provide Ohioans with expanded protections to keep their personal financial information secure.

Substitute House Bill 46, sponsored by State Representatives Timothy DeGeeter (D-Parma) and Jimmy Stewart (R-Athens), will allow Ohioans to place a security freeze on their personal credit report. This action is designed to prevent credit, loans, and services from being approved in any consumer’s name without their consent. When a consumer needs access to their credit for a new purchase, a temporary lift of the freeze will be available with the use of an assigned password or personal identification number.

The U.S. Federal Trade Commission’s most recent statistics show that nearly 7,000 Ohioans become victims of identity theft each year. The measure just signed into law by Ohio Governor Ted Strickland will allow Ohioans who have been victims of identity theft to institute a security freeze on their personal credit for free. Other Ohioans will be able to obtain a freeze for a $5 fee, which is a reduction from the $10 fee currently charged by the major consumer credit reporting agencies.

“I’m proud that Ohio has now joined the ranks of the many other states where consumers have increased access to tools which keep their credit information safe,” said Treasurer Cordray. “It is an unfortunate fact in our technologically advanced age that new methods of ID theft seem to pop up almost daily. If we must assume that this kind of crime can happen to any one of us at any time, then this kind of protection is necessary to ensure our financial security.”

Treasurer Cordray and members of the Ohio House and Senate announced bipartisan support for credit security freeze legislation in March, 2007. The bill which has ultimately been signed into law boasts 53 co-sponsors.

For more information about protecting personal financial data, log onto www.YourMoneyNOWOnline.org and click on “Fraud, Theft and Scams”.