Understanding Security Freezes on Your Credit Report
A security freeze, or credit freeze, is a tool to protect your credit information from unauthorized access. It effectively locks your credit report, preventing new creditors from viewing your information. This is especially useful in preventing identity theft and fraud.
Why Implement a Security Freeze?
The primary reason to implement a security freeze is to safeguard your credit information. When your credit report is frozen, new creditors cannot access it, which means they cannot open new accounts in your name. This is crucial for protecting yourself from identity thieves who may try to use your information to obtain credit fraudulently.
Who Can Access Your Credit Report?
Even with a security freeze in place, certain entities can still access your credit report. These include:
Current Creditors: Companies with which you have an existing account can still view your report.
Government Agencies: Certain government bodies may access your report for specific purposes.
Credit Monitoring Services: Companies you have hired to monitor your credit will have access.
Cost and Process
Placing and lifting a security freeze is free with the three major credit bureaus: Experian, TransUnion, and Equifax. To request a freeze, you must contact each bureau directly. Here are the steps:
Experian: Visit Experian's freeze page or call 1-888-397-3742.
TransUnion: Visit TransUnion's freeze page or call 1-888-909-8872.
Equifax: Visit Equifax's freeze page or call 1-800-349-9960.
For phone or online requests, the bureaus must place the freeze within one business day. For mailed requests, they have three business days to comply.
Temporarily Lifting the Freeze
You can temporarily lift the freeze if you need to apply for credit. This can also be done for free and follows the same processing times as placing the freeze. You'll need to provide a PIN or password that you set up when you initiated the freeze.
Special Protections for Vulnerable Populations
Additional protections are available for minors and incapacitated persons. Parents or guardians can place a freeze on their child’s credit report to prevent identity theft. Similarly, legal guardians can freeze the credit of incapacitated adults to protect them.
Additional Resources
For more detailed information about security freezes and to take action, visit the following resources:
By understanding and utilizing security freezes, you can take a proactive step in protecting your financial health and personal information.