- Prevents unwanted access to your credit report
- No charge for adding a credit freeze
- Can add or remove the freeze instantly
- Does not impact your credit score
How to Freeze Your Credit
![How to Freeze Your Credit](/personal-finance/static/68337812d9394b933789869f5f1b2f8a/8ae18/how-to-freeze-your-credit.jpg)
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With online scams and identity theft on the rise, 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 from happening. Learn more about how to freeze your credit, how it affects your credit score, and when you should request 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 from each of the three major credit bureaus—Equifax, Experian and TransUnion— at no cost. You can leave the freeze on your credit for as long as you like. There are no time limits on the credit freeze, and it does not expire until you remove it.
Once a freeze is in place, lenders cannot perform hard inquiries on your credit, and no new credit accounts can be opened. When you want to open credit in the future, you can remove the credit freeze temporarily or permanently.
Locking down your credit prevents anyone from accessing your credit report to perform credit inquiries or opening accounts. The freeze provides peace of mind, knowing your credit report information is hidden from unwanted inquiries.
There is no cost to adding or removing a freeze on your credit report. While credit bureaus offer premium paid versions of their services, they do not charge consumers to freeze or unfreeze their credit.
When requesting a credit freeze, it instantly applies to your report. Since there is no delay, your personal information is protected right away. If you need to unfreeze your credit, online requests happen in real-time, while phone requests are generally fulfilled within an hour.
Freezing your credit does not impact your credit score. There are no positive or negative changes to your credit report or score when adding a freeze.
While a credit freeze prevents most from accessing your credit, it is not foolproof. Additionally, some creditors may be willing to open an account even if they cannot access your credit report.
There are still certain types of access allowed that could expose you to identity theft and other credit risks. Allowed inquiries include requests for insurance, soft inquiries from existing creditors, and applications to landlords. These loopholes could result in unexpected bills and collection notices.
To put a credit freeze in place, you must contact each credit bureau individually. There isn't a centralized location where you can perform one request that covers all three bureaus. Instead, you must follow three separate processes to freeze and unfreeze your credit every time.
When you do want to perform a legitimate credit inquiry, it takes extra time to handle the transaction. You must contact each credit bureau individually to remove the freeze so the lender can process your application. Once the application is approved, you have to remember to put the freeze back in place with each credit bureau.
There are many compelling reasons to freeze your credit and some concerns that should be taken into account. In order to complete your request, you’ll need to gather personal information and follow specific steps for each credit bureau.
When placing a credit freeze, you’ll need the following information to submit your request. This information verifies your identity and lets the credit bureaus know that it is okay to place the credit freeze.
If you’re ready to place a credit freeze, follow these simple steps:
There are many reasons why someone would want to freeze their credit. Here are a few of the most common reasons to consider locking down your credit report:
Your credit isn’t the only one that needs some attention. Identity theft is often a silent crime because the damage can fester for years without anyone knowing. In some cases, it is a child’s parent or other close family member that carried out the crime. Only when a child is ready to start building credit do they uncover all of the damage that needs to be unwound.
Since your child won’t need to apply for credit for many years, you can freeze their credit to protect them against identity theft. Follow these steps to freeze your child’s credit:
Equifax | Experian | TransUnion |
---|---|---|
Equifax Information Services LLC, P.O. Box 105788, Atlanta, GA 30348 | Experian Security Freeze, P.O. Box 9554, Allen, TX 75013 | TransUnion, P.O. Box 380, Woodlyn, PA 19094 |
Consumers can freeze their credit for free at all three major credit bureaus. Each bureau offers premium services that allow consumers to lock their credit. There is no major difference between a credit freeze and a credit lock other than how they are initiated and how much they cost.
Here are the subscription services and the monthly cost for each bureau’s product:
Freezing your credit stops new inquiries on your credit report, but it doesn’t stop everyone from accessing it. When you have a credit freeze, there are still several ways your credit report can still be accessed:
Having a good credit score is critical for the best interest rates and to get approved for loans. Scammers and thieves target unsuspecting consumers by taking advantage of your hard-earned credit to open accounts and leave you with debt. You can stop criminals in their tracks by placing a credit freeze on your credit report to prevent inquiries and new accounts from being approved. Credit freezes are free and can be turned on and off in real time. This way, you can protect your personal information while still having access to new credit whenever you want.
No. Adding a freeze to your credit report does not impact your credit score. The freeze simply stops creditors from conducting hard inquiries on your credit.
While freezing your credit protects against unwanted credit inquiries, it can also stop legitimate ones. If you’re applying for credit—for example, a mortgage, auto loan or credit card—you’ll need to remove the freeze before the lender can access your credit.
You do not have to freeze all three credit bureaus, but doing so offers the most protection for your personal information. You can freeze your credit at each credit bureau individually, so you can pick and choose.
No, it is not difficult at all. The credit bureaus have made it very simple for consumers to freeze their credit and reduce the risk of identity theft. Credit freezes can be requested online or over the phone, and are immediate. Consumers can also instantly remove credit freezes if they want to apply for credit.
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