How To Freeze Your Credit | Smart change: personal finance
Credit might not come to mind first when you think of a freeze. However, it is possible to save yourself from identity theft by freezing your credit.
Credit freezes do one thing: They prevent customers from having access to their credit reports. A credit freeze is a way for consumers to prevent them from being denied credit. A credit freeze means that the creditor may not be able to access the information needed to approve the request. Want to know about loans with no credit checks?
A credit freeze is useful for identity thieves who attempt to open new lines or credit for victims. Even though criminals have clients’ personal information, such their Social Security numbers and birth dates, the credit freeze blocks them from opening new accounts.
Freezing credit can be done quickly, but it is not something that happens automatically. If a customer decides they need extra protection in the form a credit freeze for their finances, they will need each of the three major bureaus of consumer credit: Equifax Experian or TransUnion. . All three bureaus must offer credit freezes without charge regardless of where customers reside in the United States.
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Customers will have to answer questions about their identity to request a freeze. Customers will be required to provide personal information including their name, date-of-birth, social security number, address, and proof (for example an invoice from a recent utility). Clients can receive a PIN Code depending on which office they are dealing with. This allows them to freeze and refreeze their report as needed. This PIN number should be treated just like any other sensitive information. It should be stored in a secure area.
It takes about ten minutes to apply for a credit freeze. Here’s how each customer should start the credit freeze process:
Equifax – How to Flock Credit
Equifax customers have the option to freeze their credit online by visiting their website, or calling 800-349-9960.
Experian’s method for freezing credit
Experian customers may either visit their online security freezing center or call 888 EXPERIAN (888-397-3742) in order to place a credit freeze.
TransUnion Credit Frozen
TransUnion makes it easy to freeze your TransUnion credit online, by calling 888-909-872 or visiting its website.
What Happens if Credit Reports Get Frozen?
Credit reports can be blocked once credit has been frozen by customers. Consumers can still access records of themselves, just as creditors and debt collection agencies. Marketers can still view customer credit reports and, in certain cases, the government or child support agencies could also access them.
It is important that customers remember that if they are applying for credit, and there is still a security ban on their credit reports, then the freeze must be lifted. Make sure that the reports are available to the lender/card issuer. During the credit review. Customers will be unable to apply for credit until the freeze is lifted.
A customer will need to contact the listed bureaus either by telephone or online in order to unlock their credit. Customers can request temporary credit release for a specified term, if they need it, to obtain a credit card. The inconvenience of remembering to lift the freeze is not uncommon, but it’s worth it to have extra protection against credit-fraud.
There are some disadvantages to a credit freeze. A credit freeze does not prevent identity thieves, but it does not prevent identity theft. Customers may feel unsafe if there is a credit freezing in place. To minimize credit history damage, it is important to keep track of credit scores.
Credit freezes do not impact customer credit scores. They also won’t affect credit accounts.
Credit freeze is a simple and free way to protect your credit against fraudulent activity. It provides security to those who are worried about identity thieves opening new credit lines in their names. While it doesn’t protect customers from being victims of fraud, a credit freeze can be a convenient and quick way to provide protection for consumer credit.