Five Fast Facts About Credit Freezes

Fast Facts:

Five Fast Facts About Credit Freezes

A credit freeze seems like a simple way to lock down your credit and protect yourself from identity theft. It can be a good solution, but it is not right for every situation. Before choosing to freeze your credit, consider these five fast facts about credit freezes.

  1. Credit freezes are not free. Most states allow the credit bureaus to charge a fee (e.g., $5 – $10) to place or lift a credit freeze. Fraud alerts provide some of the same protections without the fees.
  2. You will have to lift the credit freeze if you apply for credit or an employer does a background check. You would then have to place the freeze again.
  3. You need to place freezes with all three credit bureaus: Equifax, Experian and TransUnion.
  4. Some entities will still have access to your credit file, including existing creditors and their debt collectors and government agencies under some circumstances.
  5. A credit freeze will not affect your credit score or prevent you from obtaining a free annual credit report. A credit freeze will not stop pre-screened credit offers. To do that, call 888-5OPTOUT or go online.