In a Nutshell
To help stop fraudsters from opening new financial accounts in your name, you may want to consider a credit freeze, which prevents new creditors from accessing your credit reports. It’s not hard to freeze your credit, but it doesn’t happen automatically.
Freezing your credit is usually easy and helps keep criminals from opening fraudulent credit accounts in your name.
Here’s how to freeze your credit with each of the three major consumer credit bureaus.
How do you freeze your credit at each bureau?
To freeze your credit, which is different from locking your credit, contact each of the three major consumer credit bureaus — Equifax, Experian and TransUnion — and request a credit freeze.
When you make the request, you’ll need to provide your name, address, birthdate and Social Security number. You’ll then be asked a few questions to verify your identity and make an account that you can use to unfreeze and refreeze your credit report as needed.
Note that federal law requires all three bureaus to offer freezes for free as of Sept. 21, 2018, according to the Federal Trade Commission.
Here’s how to place a credit freeze at each of the three bureaus.
How to do an Equifax credit freeze
You can easily freeze your credit online with Equifax, or via an automated phone line: 1-800-349-9960. If you’d rather talk to a human, Equifax’s customer care number is 1-888-298-0045.
How to do an Experian credit freeze
To freeze your credit at Experian, you can visit Experian’s online Freeze Center. You can also call 1-888-EXPERIAN (1-888-397-3742).
How to do a TransUnion credit freeze
TransUnion allows you to place a credit freeze online. You can also add a freeze via the automated phone system (or opt to speak to a live agent) by calling 1-800-916-8800.
Pros and cons of freezing your credit
Pros
- A credit freeze helps reduce your risk of identity theft, since potential new lenders can’t access your credit reports while the freeze is in place.
- Credit freezes are free by law, while credit monitoring services can be an expense.
- The freeze can be lifted temporarily if you need to have your credit checked.
Cons
- You have to contact each credit bureau where you’ve frozen your credit to lift the freeze if you want to apply for a credit card, mortgage or other financial product that requires a credit check.
- It can delay your applications for jobs, cellphone service or any other situation that requires a credit check, since you have to lift the freeze each time and it can take a few days for your credit freeze to thaw.
- It won’t protect you in situations where criminals already have access to your accounts (like if your bank login credentials were previously stolen via hacking).
Bottom line
Freezing your credit is an effective, cost-free way to make it harder for thieves to open up credit cards or other financial accounts in your name. It also can reduce your chances of becoming an identity theft victim.
But keep in mind that it can be a hassle to remove a freeze from all three bureaus every time you need a credit check. You’ll want to be sure it’s the move you want to make.