Freezing your credit can be a great temporary solution to sticky situations. Whether you’ve been hit by scammers, had your identity stolen, or simply lost your wallet, this handy feature is available to you at any time.
What is a credit freeze?
- A tool to prevent new credit accounts being opened in your name
- When your credit is frozen, creditors cannot access your report, effectively blocking future fraudulent activity
- It is free to freeze and unfreeze your credit.
- Available any time, any reason
- It doesn’t affect your credit score!
To freeze your credit, contact all three credit bureaus (Equifax, Experian, and TransUnion). When you need to lift the freeze, you only need to contact the credit bureau the lender will use to check your credit. When you’re done, you can freeze it again. The power is in your hands!
If you don’t want to place a full-on freeze, there are a few other options available to you:
- Initial Fraud Alerts are a free method you can use to make creditors verify your identity before any new credit is granted in your name.
- Extended Fraud Alerts is another free tool for identity theft victims to take their name off of marketing lists for unsolicited credit and insurance offers for five years.
- Active Duty Alerts are available for active duty servicemembers who want businesses to verify you first before opening new credit in your name.
Do your friends and family know about how easy and handy credit freezing can be? Share this Fraud Friday article with them to help keep their money and credit safe.