1. Short title This Act may be cited as the Promoting Responsible Oversight of Transactions and Examinations of Credit Technology Act of 2017 or the PROTECT Act of 2017 . I National Security Freeze 101. National security freeze and additional protections for files and credit records of protected consumers Section 605 of the Fair Credit Reporting Act ( 15 U.S.C. 1681c ) is amended by adding at the end the following: (i) National security freeze and additional protections for files and credit records of protected consumers (1) Definitions For purposes of this subsection: (A) The term proper identification has the meaning of such term as used under section 610. (B) The term consumer reporting agency means a consumer reporting agency that compiles and maintains files on consumers on a nationwide basis. (C) The term security freeze means a restriction placed on making consumer reports of a consumer, at the request of the consumer, that prohibits a consumer reporting agency from making a consumer report with respect to the consumer to any person for the purpose of opening a new account involving the extension of credit. (2) Request for security freeze, processing time, confirmation of freeze and personal identification number or password (A) Request A consumer may request that a consumer reporting agency place a security freeze by sending a request via mail, telephone, facsimile, internet, or other electronic media to the consumer reporting agency in a manner designated by the consumer reporting agency to receive such requests. (B) Placement of security freeze A consumer reporting agency shall place a security freeze no later than 5 business days after receiving from the consumer— (i) a request described under subparagraph (A); (ii) proper identification; and (iii) payment of the required fee, if applicable. (C) Confirmation and additional information Not later than 10 business days after placing a security freeze, the consumer reporting agency shall— (i) send confirmation of the placement to the consumer