Since most creditors use credit reports for approval, denying them access to your file significantly reduces the risk of unauthorized credit. By opting in to this feature with the Credit Bureaus, you can effectively discourage identity thieves from opening new credit accounts, in your name. Definition of a Credit FreezeĪ credit freeze or “security freeze” is a powerful tool of limiting access to your credit report. Don’t worry, it won’t impact your credit score either. A credit freeze with TransUnion, Experian and/or Equifax can provide you with peace of mind and ensure unauthorized access to your credit information is blocked. Worried about data breaches or identity theft? Imagine having a powerful shield that protects your credit report from identity thieves and stops them from opening new accounts in your name. A fraud alert requires creditors who check your credit report to take steps to verify your identity before opening a new account, issuing an additional credit card, or increasing the credit limit on an existing account based on a consumer's request. An initial fraud alert lasts up to 1 year unless you decided to remove it sooner.What is a Credit Freeze and Why You Might Need One Tip: If you think you may have been the victim of identity theft, you can also file a fraud alert.
The nationwide consumer reporting company’s webpage must also allow you to request a security freeze, an initial fraud alert, an extended fraud alert, and an active duty fraud alert.They must also tell you of how to remove the security freeze. A nationwide credit reporting company must send you a written confirmation of the security freeze no later than 5 business days after the security freeze is placed.If the request is made by mail, the security freeze must be placed no later than 3 business days after receiving the request. A nationwide credit reporting company must place a security freeze within 1 business day of your request if made by telephone or secure electronic means.Equifax: Take control of your Equifax® credit report, (800) 685-1111.For more information, visit the nationwide credit reporting companies' websites or call the numbers below: You can place a "freeze" on your credit file at any time, but you must contact each credit reporting company.
Other credit reporting companies, for example employment or tenant screening companies, might charge a fee to place and lift a security freeze based on your state laws. The federal law requiring free security freezes does not apply to someone who requests your credit report for employment, tenant-screening, or insurance purposes. Under a federal law effective September 21, 2018, you can freeze and unfreeze your credit record for free at the three nationwide credit reporting companies – Experian, TransUnion, and Equifax. Companies that you've hired to monitor your credit file.Certain government entities like child support agencies.Creditors of accounts you currently hold.Only a limited number of entities can see your file while a freeze is in place, including: Security freezes can be useful in preventing an identity thief from opening a new credit account in your name. Creditors typically won't offer you credit if they can't access your credit reporting file, so a security freeze, also called a credit freeze, prevents you or others from opening accounts in your name.