Protect and Freeze
Hi there, money-smart individuals! Have you ever considered freezing your credit? No, it’s not about putting your credit card in a block of ice (though that might help some shoppers). Fact is, it’s the super smart way to keep those identity thieves from screwing around with your financial life. And guess what? It’s absolutely free!
Let’s break it down, shall we?
What Is a Credit Freeze?
Think of it as a credit file that is all locked up. When it’s frozen, there is no way anyone can take a peek at your credit report or open new accounts in your name. Not even you! (Don’t worry—you’ll be able to “unthaw” it when necessary.)
Three Credit Musketeers
Those are the three major bureaus you have to deal with: Experian, Equifax, and TransUnion. Yeah, that’s right, you’ve got to freeze it across all three bureaus. It’s a total hassle, but hey, better safe than sorry, right?
How to Freeze Your Credit
In fact, it’s really quite simple. You have three options:
1. Online (fastest and most convenient)
2. Over the telephone
3. By mail (slowest, but hey, some folks like snail mail)
What You’ll Need
Before you start, gather this information:
– Your name (and former names if you changed your name)
– Present Address
– Date of Birth
– Social Security number
You might also be asked one or two questions about places you have lived previously or even a few of the credit accounts that you have had. They’re not anything to worry about; they’re just doing that to verify that you are who you say you are.
Walk-Through: Freezing Your Limit
1. Head to each credit bureau’s website (Experian, Equifax, TransUnion)
2. Register an account/ Login if already done
3. Look for the “Credit Freeze” or “Security Freeze” option
4. Just follow the prompts and boom! Done.
Thawing the Freeze
Want to apply for a loan or open a new credit card? No problem. You can lift the freeze for a little while. Just log back into your account and look for options like “Lift Freeze” or “Thaw.”
Frequently Asked Questions
Q: Will this affect my credit score?
A: No way! Freeze without fear.
Q: Can I still use my credit cards?
A: Yup. So it only applies when you’re soliciting a new line of credit.
Q: What duration is the freeze/thaw period?
A: On the Internet? Within an hour usually. Over the telephone, through the mail or email? It may take a few days.
Q: I want to freeze my child’s credit.
A: Right! That is actually intelligent.
Q: How does a credit freeze differ from a credit lock?
A: Credit locks usually cost money. Stick with the free freeze strategy!
Final Thoughts
Freezing your credit is the equivalent to building a fortress around your financial identity. Free, effective and your best defense against identity thieves. But hey, don’t stop there! Sign up for free credit monitoring with Credit Karma or Credit Sesame. They’ll watch things over for you and let you know if there’s anything fishy going on. It can cost almost nothing to protect your credit. Give your credit the cold shoulder now: freeze it today!
Acknowledgment: This article was inspired by and includes information from "How to Freeze and Unfreeze your Credit with Experian, Equifax and TransUnion" published on Clark.com. For more detailed insights, you can read the full article here.
