Protect Your Financial Life: How to Freeze your Credit

For me, the Equifax security breach was the straw that broke the camel's back - it triggered a dormant determination to protect my identity and financial life. What, after Target, Home Depot, Anthem Health Insurance, and now Equifax - the FUD over where my personal information was floating around was finally too much.

Freezing my credit at the three major credit bureaus was one of the steps I've now taken. While I don't see it as an ironclad finality to protecting my identity, It has given me a good dose of relief. That said, I want to share with the community the notes I pieced together while learning about the process.

Cheers,
Muad-Dib

What is a credit freeze?
Also known as a security freeze, this tool lets you restrict access to your credit report, which in turn makes it more difficult for identity thieves to open new accounts in your name. That’s because most creditors need to see your credit report before they approve a new account. If they can’t see your file, they may not extend the credit.

Does a credit freeze affect my credit score?
No. A credit freeze does not affect your credit score.
A credit freeze also does not:

1. Prevent you from getting your free annual credit report
2. Keep you from opening a new account, applying for a job, renting an apartment, or buying insurance. But if you’re doing any of these, you’ll need to lift the freeze temporarily, either for a specific time or for a specific party, say, a potential landlord or employer. The cost and lead times to lift a freeze vary, so it’s best to check with the credit reporting company in advance.
3. Prevent a thief from making charges to your existing accounts. You still need to monitor all bank, credit card and insurance statements for fraudulent transactions.

How do I lift a freeze?
After receiving your freeze request, each credit reporting company will send you a confirmation letter containing a unique PIN (personal identification number) or password. Keep the PIN or password in a safe place. You will need it if you choose to lift the freeze.

A freeze remains in place until you ask the credit reporting company to temporarily lift it or remove it altogether. A credit reporting company must lift a freeze no later than three business days after getting your request. The cost to lift a freeze varies by state.

If you opt for a temporary lift because you are applying for credit or a job, and you can find out which credit reporting company the business will contact for your file, you can save some money by lifting the freeze only at that particular company.

How to Freeze your Credit
Equifax:
Phone call: I was able to get it done in under 10 minutes. 1-800-349-9960

Experian:
Online: I was able to get it done in under 10 minutes.
www.experian.com
From home page, look for drop down menu called “Credit Report Assistance” and then select “Security Freeze”

TransUnion:
Phone call: I was able to get it done in under 10 minutes. 1-888-909-8872

Information Source:
Federal Trade Commission FAQ:
https://www.consumer.ftc.gov/articles/0497-credit-freeze-faqs