If any recent data breaches have affected you, you may want to consider freezing your credit as a way to safeguard your identity and credit. A credit freeze enables you to prevent access to your credit report and stop new accounts from being opened in your name. Let’s examine how a credit freeze operates, how much it costs, and how you can obtain one for yourself.
A credit freeze is a free tool provided by the three major credit bureaus (Experian, Equifax, and TransUnion). It can reduce the damage resulting from identity theft. You can lift a credit freeze anytime you want, either temporarily or permanently, to allow creditors to access your credit reports.
A credit freeze is a way to protect your identity and your credit. It allows you to block new accounts from being opened in your name with information that was obtained through a data breach or some other kind of breach. Credit freezes are available in all 50 states, and they’re free. The only catch is you will need to file for a freeze with each of the three major credit bureaus.
Military personnel use of credit freeze
As a member of the military, it’s essential to consider placing a credit freeze on your report. Identity theft is more common among soldiers than in the general population. They are easy targets because many are young and inexperienced with finances. Also, soldiers frequently move around as part of their service duties, making it easier for fraudsters to steal their identities and open fake accounts.
Finally—and perhaps most importantly—having a frozen credit report can help ensure that no one steals your identity while you are serving our country overseas. With the credit freeze, you are putting the banks on notice that you are deployed and thus no new accounts should be opened in your name while you are abroad.
How do you get a credit freeze?
You can freeze your credit by either calling each credit bureau or visiting their websites. If you don’t already have one, you will need to create an account (free) before you issue the security freeze.
Experian
Online: https://www.experian.com/freeze/center.html
Phone: 1-888-397-3742
Equifax:
Online: https://www.equifax.com/personal/credit-report-services/credit-freeze/
Phone: 1-800-685-1111
TransUnion
Online: https://www.transunion.com/credit-freeze
Phone: 1-888-909-8872
How do you stop a credit freeze?
Once you’ve put a freeze on your credit report, each time you want to apply for new credit or make changes to existing accounts, you will have to contact each of the three major credit reporting agencies or log into your account. Each bureau offers a quick, easy, and free method for both temporary and permanent lifts to your freeze. Depending on the bureau, you may need to provide a PIN for verification.
What won’t a credit freeze do?
A credit freeze only protects against new account fraud and won’t secure existing accounts or other identity-related activities that don’t require a credit check. It doesn’t prevent fraud or identity theft. While it may not stop someone from using your Social Security number to open a new account, it makes it harder to do so without access to your credit report.
Freezing your credit won’t impact your credit score or current accounts. However, it won’t prevent thieves from stealing information and making fraudulent purchases on existing credit cards or draining bank accounts.
A credit freeze is important for consumers to use to protect their information!
Consumers can use a credit freeze as a powerful tool to protect their identity and privacy. Setting up a credit freeze is quick and free through the online portals of credit bureaus such as Equifax, Experian, and TransUnion. You can also lift the freeze whenever you need to access your report for legitimate purposes.
By requiring proof of identity before opening new accounts, a credit freeze prevents unauthorized access to your report. This makes it impossible for anyone to open an account in your name without your knowledge. Without access to your report, potential fraudsters won’t know if they’ve been successful in opening an account.
Using a credit freeze is crucial for protecting your information and preventing identity theft. Additionally, it can prevent unwanted offers from creditors. If you’re concerned about unauthorized access to your credit report, consider freezing it.
You can schedule a free consultation with us and gain our expert insight before moving forward.
