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.
- 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.
- 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.
- You need to place freezes with all three credit bureaus: Equifax, Experian and TransUnion.
- Some entities will still have access to your credit file, including existing creditors and their debt collectors and government agencies under some circumstances.
- 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.