How to freeze your credit (2024)

As online fraud and identity theft become more common, many consumers worry about their personal information falling into the wrong hands. One way to protect your credit is to request a freeze on your credit report. This limits who can see your credit report and prevents unwanted inquiries. Learn more about freezing your credit, how it affects your credit score and when to request a credit freeze.

Experian CreditWorks℠

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Experian CreditWorks℠

Brand name

Experian

Monthly costs

Free

Applied credit scoring model

FICO

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Identity insurance

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What is a credit freeze?

A credit freeze is a restriction on your credit report that prevents potential creditors from accessing your credit. Consumers can request a credit freeze at no cost from any of the three major credit bureaus – Equifax, Experian and TransUnion. You can leave the freeze on your credit for as long as you want. There are no time limits on the credit freeze and it only expires when you lift it.

Once a freeze is in place, lenders can no longer performdifficult questionson your credit and no new credit accounts can be opened. If you want to open credit in the future, you can lift the credit freeze temporarily or permanently.

Pros and cons

Benefit

Prevents unwanted access to your credit report

Locking your credit prevents anyone from accessing your credit report to conduct credit inquiries or open accounts. The freeze provides peace of mind knowing that your credit report information is hidden from unwanted inquiries.

There are no costs associated with adding a credit freeze

There is no fee to add or remove a freeze on your credit report. Although credit bureaus offer premium paid versions of their services, they do not charge consumers to freeze or unfreeze their credit.

Can directly add or remove the freezer

When you request a credit freeze, it will apply immediately to your report. Because there is no delay, your personal information is protected immediately. If you want to free up your credit, online requests happen in real time, while phone requests are typically processed within an hour.

Does not affect your credit score

Freezing your credit is not the caseaffect your credit score. There are no positive or negative changes to your credit report or score when you add a freeze.

Cons

Not guaranteed 100% effective

While a credit freeze will prevent most people from accessing your credit, it's not foolproof. Additionally, some creditors may be willing to open an account even if they don't have access to your credit report.

Some still have access to your credit report

Certain types of access are still allowed, which may expose you to identity theft and other credit risks. Permitted inquiries include requests for insurance,gentle questionsfrom existing creditors and applications from landlords. These loopholes can result in unexpected bills and collection notices.

Must contact each credit bureau individually

To initiate a credit freeze, you must contact each credit bureau individually. There is no central place where you can make one request that affects all three agencies. Instead, you have to follow three separate processes to freeze and unfreeze your credit each time.

Opening a new account requires additional steps

When you want to make a legitimate credit application, it takes extra time to complete the transaction. You must contact each credit bureau separately to lift the freeze so that the lender can process your application. Once the application is approved, don't forget to reset the freeze with each credit bureau.

How to freeze your credit

There are many compelling reasons to freeze your credit and some concerns to consider. To complete your request, you will need to gather personal information and follow steps specific to each credit bureau.

Information you need to freeze your credit with all three bureaus

When you place a credit freeze, use the following information to submit your request. This information confirms your identity and lets the credit bureaus know that it is okay to initiate the credit freeze.

• First and last name.
• Date of birth.
• Address history for the past two years.
• Citizen service number.
• Copy of your publicly issued ID, e.g. a driver's license, identity card or passport.
• Copy of a utility bill, bank statement, insurance bill or similar document.

Steps to freeze your credit

If you're ready to freeze your credit, follow these simple steps:

1. Collect your personal information. Having all the information in advance will speed up the process and avoid distractions while submitting your request.
2. Contact each credit bureau. A credit freeze must be filed separately with each credit bureau. You can apply for a freeze by telephone or post, but the best approach is online.
3. Create your online account. By creating an online account with each credit bureau, you can quickly freeze and unfreeze your credit as your credit needs evolve.

When should you get a credit freeze?

There are many reasons why someone might want to freeze their credit. Here are some of the most common reasons to consider locking your credit report:

• Prevent identity theft. Adding a freeze on your credit can make it harder for thieves to steal the personal information on your credit report.
• The bank warns you of unusual activities. Your creditors monitor your credit regularly and sometimes they notice unusual activity that is concerning. When this happens, they will contact you to confirm the transactions.
• Data breach. Many companies store their customers' personal and payment information, which is what thieves target. If this information is obtained illegally, a data breach occurs that could put you at risk.
• Unexplained bills or collection notices. If you have received bills or collection notices that you cannot explain, you may be a victim of identity theft.
• Avoid unwanted accounts. Freezing your credit prevents unwanted requests and new accounts from being opened.
• Focus on paying off debt. If you're trying to pay off debt, a freeze will make you think twice before opening up new credit.
• Protect a child's credit. Children can be unsuspecting victims of credit and identity theft because they often do not learn about the crime until adulthood.

How to freeze your child's credit

Your credit isn't the only thing that needs attention. Identity theft is often a silent crime, as the damage can last for years without anyone knowing. In some cases, it is the child's parent or other close family member who committed the crime. Only when a child is readyconstruction creditdo they cover all damages that need to be dealt with?

Since your child won't have to apply for credit for years, you can freeze their credit to protect them from identity theft. Follow these steps to freeze your child's credit:

1. Gather the appropriate documentation. You will need documents to confirm the identity of you and your child. You must also provide proof of your relationship with the child. Most parents can use their driver's license and copies of the child's birth certificate and social security card.
2. Complete forms to request freezing. Each credit bureau has a separate form you must complete to freeze the child's credit. Equifax and Experian must complete specific forms, while Transunion requires a written request.
3. Email request to credit bureaus. Send your request and supporting documentation to each credit bureau at the addresses below.

Credit freeze or credit blocking?

Consumers can freeze their credit for free at all three major credit bureaus. Each agency offers premium services that allow consumers to lock in their credit. There is no major difference between a credit freeze and a credit freeze, other than how they are initiated and how much they cost.

Here are the subscription services and monthly fees for each agency's product:

• Equifax Lock & Alert - Gratis.
• Experian CreditWorks – Free for seven days, then $24.99 per month.
• TransUnion Premium Credit Monitoring – $29.95 per month.

Who has access to frozen credit reports?

Freezing your credit will stop new inquiries from being made on your credit report, but it won't prevent anyone from accessing it. When you have a credit freeze, there are still several ways you can still access your credit report:

• Check your own credit. You have access to your own credit at any time, even if your credit is blocked. This allows you to check the status of your accounts and verify that the information reported is correct.
• Taking out insurance. Your credit score and history are part of the underwriting process for some insurance policies. Even if your credit is frozen, insurance companies can still access your credit to make insurance decisions.
• Screening of a landlord. Potential landlords can access your credit to make decisions about renting a property or the amount of deposit required.
• Existing creditors. Companies where you have existing accounts can access your credit report to view your credit utilization. They may use this information to adjust your credit limit up or down and confirm the information they provide to the credit bureaus.
• Child benefits. A child support agency can access your report to help determine monthly payments. They may also use this information to collect money owed to you.
• Collection agencies. If you owe money and someone is trying to collect on the debt, he/she may gain access to your credit report as part of his/her efforts to get paid.
• Background check. Potential employers and the government may access your credit to conduct background checks for employment or security clearance, or to enforce a court order or order.
• Pre-screened offers. Potential lenders often purchase lists of potential customers who meet certain profiles. Even if you've frozen your credit reports, you can still receive these offers unless you opt out.

TIME Stamp: Credit freezes help protect against identity theft

To have onegood credit scoreis crucial for getting the best interest rates and getting approved for loans. Scammers and thieves target unsuspecting consumers by using your hard-earned credit to open accounts and leaving you in debt. You can stop criminals by placing a credit freeze on your credit report to prevent inquiries and new accounts from being approved. Credit freezing is free and can be turned on and off in real time. This way you protect your personal information and still have access to new credit whenever you want.

Experian CreditWorks℠

See offer

Experian CreditWorks℠

Brand name

Experian

Monthly costs

Free

Applied credit scoring model

FICO

Identity insurance

N.v.t

Frequently Asked Questions (FAQ)

Can freezing your credit hurt your credit score?

No. Adding a freeze to your credit report will not affect your credit score. The freeze simply prevents creditors from conducting hard checks on your credit.

What is the disadvantage of freezing your credit?

Although freezing your credit protects against unwanted credit applications, it can also prevent legitimate credit applications. If you apply for credit, for example for a mortgage, car loan or credit card, you must lift the freeze before the lender can access your credit.

Should I freeze all three credit bureaus?

You don't have to freeze all three credit bureaus, but it will provide the best protection for your personal information. You can freeze your credit at each credit bureau individually, so you can choose for yourself.

Is it difficult to freeze your credit?

No, it's not difficult at all. The credit bureaus have made it very easy for consumers to freeze their credit and reduce the risk of identity theft. Credit freezes can be requested online or by telephone and take effect immediately. Consumers can also immediately lift credit freezes if they want to apply for credit.