How to Freeze Your Credit
What is a credit freeze?
Also known as a security freeze, a credit freeze is something you can put in place to limit others from viewing your credit reports, including lenders. It is a tool that consumers can use to help protect themselves against credit and identity fraud. A credit freeze limits most lenders and service providers from obtaining your credit report, you will have to lift the freeze (or temporarily "thaw" your freeze) before making any applications for new credit. When lenders can't view your credit file, they can't extend credit. This means that if someone has managed to steal your Social Security number and other personal information, they won't be able to open fraudulent credit accounts in your name. A cautionary note: a credit freeze will also make it impossible for you to get approved for credit unless you lift it temporarily or permanently.
Why initiate a credit freeze?
Identity Theft Prevention: One of the primary reasons for initiating a credit freeze is to prevent identity thieves from using your personal information to open new accounts in your name. By freezing your credit, you prevent unauthorized access to your credit report, making it significantly harder for fraudsters to obtain credit using your identity.
Data Breach Concerns: If you're concerned that your personal information may have been compromised in a data breach, initiating a credit freeze can provide an extra layer of security. It reduces the risk of someone exploiting the stolen data to open fraudulent accounts.
Financial Security: Protecting your financial well-being is another motivation for initiating a credit freeze. By preventing unauthorized access to your credit report, you reduce the risk of financial harm resulting from fraudulent activity.
Privacy Protection: Some individuals may also choose to freeze their credit as a means of protecting their privacy. By restricting access to their credit report, they can have more control over who can view their credit history and other sensitive financial information.
Peace of Mind: Ultimately, initiating a credit freeze can provide peace of mind knowing that you've taken proactive steps to safeguard your credit and financial reputation.
How to conduct a credit freeze:
Navigate to websites and complete each credit freeze procedure (requests may also be done over the phone):
Experian: https://usa.experian.com/mfe/regulatory/security-freeze
TransUnion: https://www.transunion.com/credit-freeze
Equifax: https://www.equifax.com/personal/credit-report-services/credit-freeze/
Important Notes:
If you are applying for a loan, credit card, or other financial products that require a credit check, YOU WILL NEED TO TEMPORARILY THAW YOUR CREDIT FREEZE TO ALLOW THIS PROCESS TO COMPLETE.
Credit Thaws may be specified for any amount of time from all credit agencies (Experian, TransUnion, and Equifax).
Use your personalized credentials to log into each site to initiate a thaw whenever needed.
