Definition
A credit freeze, also known as a security freeze, is a free tool that allows you to restrict access to your credit report, making it more difficult for identity thieves to open new accounts in your name. When you freeze your credit, creditors can't access your credit report, so they typically won't approve new applications for credit in your name. You'll need to lift the freeze temporarily when you want to apply for credit yourself. Credit freezes don't affect your credit score, existing credit accounts, or your ability to get your free annual credit reports. They also don't prevent you from receiving pre-screened credit offers. Since 2018, federal law has required the three major credit bureaus (Equifax, Experian, and TransUnion) to provide free credit freezes and allow consumers to lift freezes for free.
Frequently Asked Questions
How do I place a credit freeze?
You must contact each of the three major credit bureaus individually to freeze your credit reports: Equifax (equifax.com), Experian (experian.com), and TransUnion (transunion.com). You can request a freeze online, by phone, or by mail. You'll need to provide identifying information, including your name, address, date of birth, and Social Security number. Each bureau will provide you with a PIN or password that you'll need when you want to lift the freeze.
What's the difference between a credit freeze and a fraud alert?
A credit freeze completely blocks access to your credit report until you lift it, while a fraud alert allows creditors to access your report but requires them to take extra verification steps before opening new accounts. Fraud alerts are free and last one year (or seven years for victims of identity theft). When you place a fraud alert with one credit bureau, it's required to notify the other two, unlike freezes which must be placed separately with each bureau.
Does a credit freeze affect my existing accounts?
No, a credit freeze only prevents the opening of new accounts. Your existing creditors (or their collection agencies) can still access your credit report. A freeze also doesn't prevent existing account fraud, so you should still monitor your credit card and bank statements regularly for suspicious activity. Additionally, government agencies may still have access to your credit report in certain circumstances, such as for tax collection or child support enforcement.
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