![]() “Any time you’re worried about your identity being exposed-whether your wallet was stolen, or there was a recent data breach-you may want to consider a credit freeze,” says Marineau. In other words, it doesn’t make you invulnerable, financially speaking, and it’s definitely not a blanket excuse to stop monitoring activity on your accounts. ![]() “A freeze lets you restrict access to your credit report, but it won’t protect you in situations where criminals already have access to your accounts, like if your bank login credentials were previously stolen via hacking,” says Marineau. (Though, per the 2018 law, unfreezing is also free.)Īnother thing worth mentioning: While a credit freeze can stop someone from opening new accounts, it can’t protect you against fraud on existing accounts. Once you put in the request to unfreeze, it can take a few days to “thaw” (yes, that’s the term), which can delay any of the above processes. Reasons you might want to lift it include applying for a credit card or mortgage, renting a home or a car, signing up for a cell-phone plan or, in some cases, starting a new job, since many employers require credit checks. If you do need to temporarily lift the freeze, you’ll need to contact each credit bureau and make a request with your PIN. Are there any downsides to freezing my credit? Setting up a credit freeze doesn’t affect your credit score, and if you do need to have your credit checked for any reason, the freeze can be temporarily lifted. Credit freezes are also free by federal law, as of September 2018. The biggest advantage is that a credit freeze helps reduce your risk of identity theft, since it prevents new accounts from being opened in your name. Note that it’s important you contact all three bureaus: Your information is technically accessible via three access points, so if you only enable a freeze at one, you won’t really be getting the full protection a credit freeze offers. You’ll then get a PIN you can later use to unfreeze and refreeze your credit report (more on this below). Be prepared to provide your name, address, birth date, Social Security number and answer a few other identifying questions. You’ll need to contact each of the three major consumer credit bureaus (Equifax, Experian and TransUnion) to request a freeze. “It also can reduce your chances of becoming an identity theft victim.” How do I set one up? “Freezing your credit is an effective, cost-free way to make it harder for thieves to open up credit cards or other financial accounts in your name,” Marineau says. And since lenders (e.g., credit card companies) generally need to see your credit report before letting you-or someone pretending to be you-open an account, a credit freeze has the ability to stop fraudulent activity in its tracks. ![]() When you freeze your credit, you’re restricting access to your credit report. A credit freeze (sometimes also called a security freeze) is a free tool anyone with a credit record can use. ![]()
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