Freezing your credit is an effective way to protect yourself from identity theft and unauthorized credit activity. A credit freeze, also known as a security freeze, restricts access to your credit report, making it difficult for identity thieves to open new accounts in your name.
What is a Credit Freeze?
A credit freeze prevents creditors and lenders from accessing your credit report. This added layer of protection ensures that new accounts cannot be opened in your name without your authorization. Note that a credit freeze does not affect your current credit accounts or your credit score.
When Should You Freeze Your Credit?
Consider freezing your credit in the following situations:
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You suspect your personal information has been compromised.
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You've been a victim of identity theft.
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You want to proactively safeguard your credit from unauthorized access.
How to Freeze Your Credit
To freeze your credit, you need to contact each of the three major credit bureaus. Here are the steps for each:
1. Equifax
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Visit the Equifax website at www.equifax.com.
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Create an account or log in to your existing account.
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Navigate to the credit freeze section and follow the instructions to place a freeze on your credit.
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You will receive a PIN or password to manage your freeze.
2. Experian
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Go to the Experian website at www.experian.com.
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Sign up for an account if you don’t already have one.
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Access the credit freeze section and complete the process to freeze your credit.
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A PIN or passcode will be provided for future modifications.
3. TransUnion
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Visit the TransUnion website at www.transunion.com.
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Register for an account or log in.
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Follow the instructions to place a security freeze on your credit file.
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TransUnion will also provide you with a PIN or password.
How to Lift or Thaw a Credit Freeze
You can temporarily or permanently lift a credit freeze whenever necessary:
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Log in to your account with the credit bureau.
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Use the PIN or password provided when you froze your credit.
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Specify whether you want to lift the freeze temporarily (e.g., for a loan application) or permanently.
Does Freezing Your Credit Cost Anything?
Freezing and unfreezing your credit is free in the United States, thanks to federal law.
Additional Tips for Protecting Your Credit
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Monitor Your Credit Regularly: Use credit monitoring services to stay alert to any changes in your report.
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Place Fraud Alerts: Notify credit bureaus that you may be a victim of identity theft to add extra protection.
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Secure Your Personal Information: Safeguard sensitive documents and avoid sharing personal details unnecessarily.