Credit Freeze Information
Three credit bureau companies provide credit report information. To mitigate against someone stealing your identity and opening up an account in your name, such as a new credit card, some people are freezing their credit reporting with all three credit bureaus services.
By default, if you do not have an account with these major bureaus, you have no credit protection; your credit is essentially "unfrozen." Freezing your credit can help protect your financial information. Here are the pros and cons. Note that having these accounts can also create some minor hassles, but nothing complicated or permanent.
Pros
Cons
Pros
- Prevents identity theft: Makes it harder for identity thieves to open new accounts in your name.
- Peace of mind: Gives you confidence that your credit is secure.
- Free: You can freeze and unfreeze your credit for free at the three major credit bureaus.
- Strong protection: Considered the strongest form of protection for your credit report.
Cons
- Can't apply for new credit: You must temporarily lift the freeze to apply for a loan or credit card.
- Planning ahead required: You'll need to plan ahead to lift the freeze when you need to apply for credit.
- False sense of security: You may still be vulnerable to other types of fraud, like stolen credit card numbers.
Open an Account at each. To establish and manage a credit freeze, you must open up a FREE account with each bureau. (Each bureau will try to sell you an upgrade for identity protection, but you don't need to pay for the upgrade to freeze and unfreeze your free account.) FYI, when establishing your account, you will have to provide each bureau with your SSN and other personal info. Also, you will have to establish an account and set a freeze for each credit holder in your family (eg both husband and wife must establish an account and then each account must be frozen--total of six accounts.)
Here are links and phone numbers to the three bureaus to open/freeze accounts.
1. Equifax 1-800-349-9960 or 1-888-298-0045
2. TransUnion 1-800-916-8800
3. Experion 1-888-397-3742
* Again, establishing these accounts is free. If you go down a path that REQUIRES you sign up for a monthly fee service let me know.
Here are links and phone numbers to the three bureaus to open/freeze accounts.
1. Equifax 1-800-349-9960 or 1-888-298-0045
2. TransUnion 1-800-916-8800
3. Experion 1-888-397-3742
* Again, establishing these accounts is free. If you go down a path that REQUIRES you sign up for a monthly fee service let me know.
Another Safety Feature. If you have not done this already, you should have realtime transaction notification enabled with your banks and credit card companies. Thus, for every credit card charge you should get a text or email saying that a transaction for $xxx.xx amount from xxxx just took place. Same with any bank withdrawal.
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