You will receive a PIN for your credit freeze with each bureau. You can place freezes online, over the phone, or in writing (info provided below) How to Freeze (and Unfreeze) Your Credit Reports We therefore also recommend freezing your credit report at NCTUE, in addition to at the big three credit bureaus. However, some news outlets have reported fraudulent accounts being opened by cell phone companies using credit reports provided by the National Consumer Telecommunications & Utilities Exchange (NCTUE). Some websites have recommended getting freezes with Innovis and ChexSystems, but as far as we know, their reports are not used by creditors for credit approvals. Do I Need to Freeze My Report with Other Credit Reporting Agencies?Īs the Consumer Financial Protection Bureau lists, there are many other consumer reporting companies besides the three big nationwide providers of consumer reports. How Much Do Freezes Cost And When Do They Become Free Nationwide?Ī new federal law eliminated fees for getting and removing credit freezes across the country at all big three credit bureaus on September 21st, 2018. Credit monitoring can only help detect new account identity theft after it has already occurred, not prevent it. If you choose not to block access to your reports at the three main credit bureaus, you should at least place fraud alerts on your reports.Ĭredit monitoring alerts you to changes to your credit reports, which can help you spot unauthorized credit accounts opened in your name. Whether you chose to get freezes or locks, remember you’ll need to get them at all three national credit bureaus.įraud alerts don’t block access to your credit reports, but they do notify creditors that they should try to verify your identity before opening a new account in your name. Your rights as a consumer are on stronger ground with freezes. However, freezes are a right mandated by law, while locks are conditional on terms of use agreements that are set by the credit bureaus and could change at any time.
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Therefore, freezes and locks both deny thieves the ability to open fake accounts in your name. What Are the Differences Between Credit Freezes, Credit Locks, Credit Monitoring, and Fraud Alerts?Ĭredit locks offered by the credit bureaus appear to block access to credit reports the same way that credit freezes do. Freezes can be temporarily or permanently removed when you want.īecause creditors run credit checks with any one or a combination of the three big credit bureaus, you need to block access to your reports with all three. You can easily remove a freeze or “thaw” your credit report when you want to apply for new credit. In fact, freezes help protect your score by preventing your credit from being negatively scored if someone racks up debt in your name. (Consumer reporting agencies are also known as credit bureaus.) By blocking creditors from accessing your credit report, you’re stopping identity thieves who apply for new accounts in your name with your stolen Social Security number.Ĭredit freezes do not affect your ability to use existing credit you already have, such as a credit card or loan.
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Most creditors will not issue new credit to a customer if they cannot see that customer’s credit report or the credit score derived from it from at least one of the three big nationwide consumer reporting agencies – Equifax, Experian, and TransUnion. What Are Credit Freezes & Why Should I Get Them?Ī credit freeze blocks potential creditors such as a credit card company, a cell phone company, or a lender from viewing your credit report, which shows your credit history.
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New account identity theft is the most preventable kind of identity theft and can be prevented by getting security freezes, also known as credit freezes. One of those uses is known as new account identity theft, where someone opens a new account in your name and then proceeds to rack up a ton of debt. However, if and when someone does steal your information, there are a variety of ways it can be used, depending on what was taken. Defense against any kind of identity theft starts with vigilance about protecting your personal information by taking steps such as creating secure passwords, keeping your social security number private, and shredding personal documents.