Freezing Your Credit Is Free and the Strongest Protection Against Identity Theft
A credit freeze prevents anyone from opening new credit in your name until you lift it. It’s free at all three bureaus, takes minutes to set up online, and doesn’t affect your existing accounts or credit score. If you’re not actively applying for credit, there’s no reason not to have one in place.
Thieves don’t need your wallet to open a credit card in your name. The 2017 Equifax breach exposed Social Security numbers for 147 million Americans, and the breaches haven’t stopped since. Assume your personal data is already out there.
A freeze works because of how new credit gets approved. Before a lender issues a card or loan, it pulls your credit report. A freeze blocks that pull, so the application dies on the spot even if a thief has your name, Social Security number, and address. Credit monitoring alerts you after an account is opened. A freeze stops the account from existing at all. One is an alarm. The other is a locked door.
Set one up at each bureau separately. Equifax, Experian, and TransUnion each require their own freeze, so create an account on all three sites, verify your identity, and save your logins somewhere safe. Expect about five minutes per bureau. The bureaus will nudge you toward their paid credit lock products along the way. Skip them. The free freeze is the one backed by federal law.
When you need credit later, log in and lift the freeze temporarily. Bureaus must unfreeze within one hour of an online or phone request, and you can schedule a thaw window that refreezes automatically when you’re done. If you have kids, freeze their credit too. A minor’s untouched file is a prime target. And since a freeze doesn’t stop fraud on accounts you already have, keep transaction alerts on.
Freeze first. Apply later. The one-hour lift means a freeze never costs you an opportunity, and every other day it quietly blocks the most damaging kind of identity theft before it starts.
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Originally published at moneycrashers.com.
Andrew Schrage
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