Should i credit freeze

TransUnion: Call or go online. Read our TransUnion credit freeze guide. You can also freeze your credit report at two lesser-known credit bureaus that may have information about you:. Innovis: Call or go online. While all three credit bureaus have slightly different requirements, here is the information you will generally need to provide:.

Depending on how you initiate the credit freeze — online, by phone, or by mail — you might also need:. Copy of tax documents, bank statements or utility bills. Proof of address, like a utility bill.

Note: If you freeze your credit by phone, be prepared to answer some authentication questions, too. Once a credit freeze is in place, it secures your credit file until you lift the freeze. You can unfreeze credit temporarily when you want to apply for new credit. Go to the credit bureau website and use the PIN or password you used to freeze your credit to unfreeze your credit.

You can also unfreeze your credit by phone or postal mail if you can provide the PIN established when the freeze was set up. Unless you use postal mail, unfreezing takes effect within minutes of requesting it. When you are applying for credit, you can ask the creditor which credit bureau it will use to check your credit and unfreeze only that one. You can choose to unfreeze for a specified time period, after which the freeze automatically resumes. Parents and guardians can freeze the credit of a child under If you request a freeze for your child, the credit bureau must create a credit file for the child, then freeze it.

Placing a freeze on your credit reports can protect you from fraudulent credit applications. Unfreezing your credit is typically quick when you need to apply for credit. There are some downsides to freezing your credit. You may be susceptible to scams involving your Social Security number and your insurance rate could increase if your state allows insurers to use credit information to set rates.

Credit freeze services are mandated by federal law and are free. A credit lock is an optional service a credit bureau may offer you for a fee, but it offers fewer legal protections than a freeze.

Now that freezing credit and unfreezing credit are free, NerdWallet recommends that all consumers protect themselves in this way. If you think your data may have been compromised, for instance in a data breach, get a credit freeze.

It can complicate creating a mySocialSecurity account to track earnings, estimate future benefits, etc. You can do so with a credit freeze or fraud alert in place, but you'll have to go in person to a Social Security office.

Your insurance rate could increase if your state allows the use of credit information to set rates. Your credit report can also be viewed as part of a background screening by a landlord, by collection agencies to whom you owe money, and for employment purposes, just to name a few. Freezing your credit is relatively easy to do. You can request a credit freeze online, by mail, or by phone. The only inconvenient part is that you need to request a credit freeze with each of the three credit bureaus individually.

If you are going to freeze your credit, doing so with all three bureaus is a must, because certain lenders only check one or two of your three credit reports, so you need to be prepared. So, to make the process a little easier, here's the current contact information for each credit bureau:. Until recently, freezing your credit used to cost money. And, you had to pay each credit bureau a fee that depended on what state you live in.

However, as of Sept. As part of the recently-passed bank de-regulation bill, all U. After you place your credit freeze, you'll be given a PIN that you'll need to use to lift a credit freeze.

You can lift your credit freeze also known as "thawing" your credit online or over the phone, and if you have your PIN, it's a relatively painless process.

According to Experian, if you do this, your credit will be unfrozen within an hour. Remember, however, that you'll need to do this with each credit bureau individually. Since it can be a somewhat time-consuming process from the time you initiate your first credit "thaw" until all three of your credit reports are actually unfrozen, it's a smart idea to complete this process before you're ready to apply for credit.

In other words, don't show up at an auto dealership to buy a car and then start the process of unfreezing your credit. This is especially true if you've lost or forgotten your PIN, as the credit bureaus will need to take additional steps to verify your identity. Like any financial decision, freezing your credit has both benefits and drawbacks. Here's a quick rundown of the pros and cons of credit freezes that you need to take into consideration before freezing your credit report:.

If a credit freeze sounds like too much of a hassle and you are simply trying to protect your identity going forward, a fraud alert can be a good alternative to consider.

Instead of preventing creditors from accessing your credit report altogether, a fraud alert simply tells creditors that they need to take additional steps to verify your identity before opening an account. As an example, if you apply for a credit card and the creditor notices a fraud alert, they may request that you send a copy of your driver's license before they'll open an account in your name.

Fraud alerts are also free, and the same new law that made credit freezes free extended the term for an initial fraud alert from 90 days to 12 months. And, unlike credit freezes, you'll only need to alert one of the three credit bureaus, and they'll tell the other two. If you've already been a victim of identity theft, you can also request a seven-year fraud alert by providing a police report or other proof of identity theft.

In a nutshell, if a credit freeze sounds like "too much" for your personal circumstances, a fraud alert can be a more flexible way to protect your identity. To sum it up, a credit freeze is usually most appropriate if you have reason to believe that your identity has already been compromised. For example, if you notice a new inquiry on your credit report and don't recognize it, or if you've been the victim of a data breach, freezing your credit can be a good proactive step to take before the problem gets any worse.

Among other ways to help to protect yourself from identity theft, you may be wondering if you should lock or freeze your credit.

Credit locks and credit freezes put a halt to companies requesting to view your credit reports before approving you for a new account. You can get free access to your credit scores, reports and monitoring within minutes at Credit Karma. Credit Karma features VantageScore 3. But a credit card company or other lender will likely use a different scoring model altogether.

Many different factors are considered when calculating a score, and each model may weigh credit factors differently. Once you know where you stand, Credit Karma can help you figure out where to go from there. Credit file locks are usually a feature of products offered by the three major consumer credit bureaus as opposed to guaranteed by law. Each bureau has its own identity theft resources, which may include credit locks.

When you lock your credit file with a specific credit bureau , lenders can no longer access your credit file from that bureau.

Locks may be removed instantly or take up to 48 hours to be removed. However, some bureaus now offer the service for free in light of recent data breaches.