What Is a Credit Freeze
Recent events have launched the world into a spiral on whether or not their social security numbers were leaked in a data breach. And although the premise of one’s data getting leaked—particularly a social security number—is scary. Freezing your credit is a good stopgap to any potentially harmful activity from a scammer.
If you suspect your information has been compromised and are looking larger variety of preventative measures, read more about what you can do here.
How to Freeze Your Credit
A credit freeze or security freeze prevents anyone from seeing or accessing your credit file including banks, credit unions, mortgage companies, etc. This ensures scammers can’t use your information to open new credit card accounts or take out loans.
This ensures scammers can’t use your information to open new credit card accounts or take out loans.
A credit freeze is free and easy and can be done over the phone or online. Remember, to freeze your credit, you need to do so with all three of the main credit bureaus via the following points of contact:
Equifax:
Phone: 800-349-9960 or 888-298-0045
Experian:
Phone: 888‑397‑3742
TransUnion:
Phone: 800-916-8800 or 888-909-8872
Worried about freezing your credit? Here are some commonly asked questions on the matter:
What Should I Do If I Can’t Freeze My Credit Right Now?
If you’re currently trying to get approved for or currently applying for a mortgage or other large loan, you may not be able to put a freeze on your credit right now. In this case, consider placing a fraud alert. A fraud alert is completely free and requires businesses to confirm your identity before any new credit is opened in your name.
What Information Will I Need to Freeze My Credit?
If you haven’t already created an account on any of the three websites provided above, you may have to create one. In order to do so, you’ll need the following information/documentation handy:
- Your full name
- Address/proof of address (if you’ve moved recently, you may need to provide proof of previous and new address)
- Phone Number
- SSN
Does a Credit Freeze Affect My Credit?
No, a credit freeze merely prevents entities from accessing your credit file, halting any new lines of credit or loans from getting approved. You can unfreeze or thaw your credit(temporarily lift the freeze) when applying for any new lines of credit.
Just remember not to fall under a false sense of security. Putting a freeze on your credit doesn’t prevent any theft of existing credit information such as credit cards or bank information. You’ll still need to stay vigilant and check your credit and bank account activity consistently.