A security freeze — often just called a credit freeze — is one of the strongest free tools you have to protect your credit files. When you place a freeze with a credit bureau, that bureau cannot release your credit report to most lenders, which means a thief who has your personal information will have a much harder time opening new accounts in your name.
Here is the part many people miss: you must place the freeze separately with each of the three major bureaus — Equifax, Experian, and TransUnion. Freezing just one leaves the other two wide open, and lenders can pull from any of them. Freezes are free by federal law, so there is never a reason to pay a fee for one.
A freeze does not affect your credit score. It does not stop you from getting your own free credit reports, and it does not block companies you already do business with from reviewing your account. It only blocks new creditors from accessing your file — which is exactly the point.
When you freeze online, each bureau gives you a PIN or password. Save these somewhere safe, like a password manager or a locked file. You will need them to temporarily lift or permanently remove the freeze later, and recovering a lost PIN takes extra steps.
Before you apply for credit — a mortgage, auto loan, or new card — ask the lender which bureau they will pull and lift the freeze for that bureau ahead of time. Many bureaus let you set a date range so the freeze lifts and re-freezes automatically. A little planning avoids last-minute delays at closing.
A freeze is not a cure-all. It does not protect accounts you already have — a thief with your existing card number can still use it — so keep monitoring your statements and reports. And a freeze never removes accurate negative information from your report; it simply restricts access to the file.
Join the conversation
Load Facebook comments to read and reply using your Facebook account.