If you’re concerned about identity theft, someone gaining access to your credit report without your permission, or you’ve been notified that your personal information was involved in a data breach, you might consider placing a credit freeze on your report.
What is a credit freeze?
A Credit freeze is also known as a security freeze. This is a free tool that lets you restrict access to your credit report. A security freeze makes it more difficult for identity thieves to open new accounts in your name. To open a new line of credit or even open a new checking account, most creditors need to see your credit report before they approve opening a new account. If they can’t see your report, they mst likely not extend the credit.
Does a credit freeze affect my credit score?
No. A credit freeze does not affect your credit score.
A credit freeze also does not:
- Prevent you from getting your free annual credit report
- Stop you from opening a new account but in order to open one, you’ll need to lift the freeze temporarily. Lift a freeze and placing it again is free. When you’re done accessing your credit, be sure to place another freeze.
- Keep you from applying for a job, renting an apartment, or buying insurance. The freeze doesn’t apply to these actions so you don’t need to lift it.
- Prevent someone from making new charges on your existing accounts. You should always monitor all bank, credit card and insurance statements for fraudulent transactions.
Does a credit freeze stop prescreened credit offers?
No. If you want to stop getting prescreened offers of credit, call 888-5OPTOUT (888-567-8688) or go online. The phone number and website are operated by the nationwide credit bureaus. You can opt out for five years or permanently. However, some companies send offers that are not based on prescreening, and your federal opt-out right will not stop those kinds of solicitations.
Can anyone see my credit report if it is frozen?
Certain entities still will have access to your credit report.
- Your report can be released to your existing creditors or to debt collectors acting on their behalf.
- Government agencies may have access in response to a court or administrative order, a subpoena, or a search warrant.
How do I place a freeze on my credit reports?
Contact each of the nationwide credit bureaus:
Equifax
Equifax.com/personal/credit-report-services
800-685-1111
Experian
Experian.com/help
888-EXPERIAN (888-397-3742)
Transunion
TransUnion.com/credit-help
888-909-8872
You’ll need to supply your name, address, date of birth, Social Security number and other personal information.
After receiving your freeze request, each credit bureau will provide you with a unique PIN (personal identification number) or password. Keep the PIN or password in a safe place. You will need it if you choose to lift the freeze.
How do I lift a freeze?
A freeze remains in place until you ask the credit bureau to temporarily lift it or remove it altogether. If the request is made online or by phone, a credit bureau must lift a freeze within one hour. If the request is made by mail, then the bureau must lift the freeze no later than three business days after getting your request.
If you opt for a temporary lift because you are applying for credit or a job, and you can find out which credit bureau the business will contact for your file, you can save some time by lifting the freeze only at that particular credit bureau. Otherwise, you need to make the request with all three credit bureaus.