Freezing your credit may be one of the best security steps you can take
For many of us, the thought of freezing in the middle of June is off-putting, except when it comes to freezing your credit for cybersecurity protection. A credit freeze is one of the most effective ways to protect yourself against financial fraud and identity theft.
Why freeze your credit?
A credit freeze restricts access to your credit reports, resulting in the inability of lenders to review your credit history before opening a new credit card, loan, or line of credit under your name. A freeze makes it much more difficult for someone to open accounts using stolen personal information.
A credit freeze:
- It is free to place and remove
- Does not affect your credit score
- Does not impact your existing credit cards, loans, or bank accounts
- Helps prevent financial identity theft
When to unfreeze your credit?
When the time comes to lift your credit freeze, you always have complete and immediate control to do so. This will allow lenders to view your credit report. The credit bureaus also allow you to temporarily lift the freeze for a specified period of time, after which the freeze will be reinstated, conveniently maintaining ongoing protection.
Common examples include:
- Applying for a mortgage
- Refinancing a home loan
- Applying for a personal loan or line of credit
- Purchasing and financing a vehicle
- Opening a new credit card
Other ways to protect yourself
Freezing your credit is an important step in protecting your personal information. Additional best practices include:
- Reviewing your credit card and bank statements regularly
- Using strong, unique passwords, especially for financial accounts
- Enabling multi-factor authentication when available
- Being cautious of unexpected emails, text messages, or links requesting action
- Monitoring your credit report for suspicious activity
How to freeze your credit?
Three major credit bureaus house consumer credit reports. To maximize protection, it’s recommended to place a freeze with all three bureaus:
- Equifax: https://www.equifax.com/
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- Freeze page: https://www.equifax.com/personal/credit-report-services/credit-freeze/
- Experian: https://www.experian.com/
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- Freeze page: https://www.experian.com/help/credit-freeze/
- Trans Union: https://www.transunion.com/
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- Freeze page: https://www.transunion.com/credit-freeze
Additional information: https://consumer.ftc.gov/articles/credit-freezes-and-fraud-alerts#score.
If you have any questions about freezing your credit, you can contact any of the three credit bureaus, or you can reach out to us. We want to ensure proper steps are being taken to keep your wealth safe and credit rating high.
