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| Real Life Information... on Everyday Life Topics - MINIMIZING YOUR IDENTITY THEFT RISK |
What is a Credit Freeze?
Many states have laws that let consumers “freeze”
their credit – in other words, letting a consumer
restrict access to his or her credit report. If you place
a credit freeze, potential creditors and other third
parties will not be able to get access to your credit
report unless you temporarily lift the freeze. This
their credit – in other words, letting a consumer
restrict access to his or her credit report. If you place
a credit freeze, potential creditors and other third
parties will not be able to get access to your credit
report unless you temporarily lift the freeze. This
Credit freeze laws vary from state to state. In some states, anyone can freeze their
credit file, while in other states, only identity theft victims can. The cost of placing,
temporarily lifting, and removing a credit freeze also varies. Many states make credit
freezes free for identity theft victims, while other consumers pay a fee – typically $10. It’
s also important to know that these costs are for each of the credit reporting agencies.
If you want to freeze your credit, it would mean placing the freeze with each of three
credit reporting agencies, and paying the fee to each one.
credit file, while in other states, only identity theft victims can. The cost of placing,
temporarily lifting, and removing a credit freeze also varies. Many states make credit
freezes free for identity theft victims, while other consumers pay a fee – typically $10. It’
s also important to know that these costs are for each of the credit reporting agencies.
If you want to freeze your credit, it would mean placing the freeze with each of three
credit reporting agencies, and paying the fee to each one.
means that it’s unlikely that an identity thief would be able to open a new account in
your name. Placing a credit freeze does not affect your credit score – nor does it keep
you from getting your free annual credit report, or from buying your credit report or
score.
your name. Placing a credit freeze does not affect your credit score – nor does it keep
you from getting your free annual credit report, or from buying your credit report or
score.
Who can access my credit report if I place a credit freeze?
If you place a credit freeze, you will continue to have access to your free annual credit
report. You’ll also be able to buy your credit report and credit score even after placing
a credit freeze. Companies that you do business with will still have access to your
credit report – for example, your mortgage, credit card, or cell phone company – as
would collection agencies that are working for one of those companies. Companies will
also still be able to offer you prescreened credit. Those are the credit offers you
receive in the mail that you have not applied for. Additionally, in some states, potential
employers, insurance companies, landlords, and other non-creditors can still get
access to your credit report with a credit freeze in place.
If you place a credit freeze, you will continue to have access to your free annual credit
report. You’ll also be able to buy your credit report and credit score even after placing
a credit freeze. Companies that you do business with will still have access to your
credit report – for example, your mortgage, credit card, or cell phone company – as
would collection agencies that are working for one of those companies. Companies will
also still be able to offer you prescreened credit. Those are the credit offers you
receive in the mail that you have not applied for. Additionally, in some states, potential
employers, insurance companies, landlords, and other non-creditors can still get
access to your credit report with a credit freeze in place.
Can I temporarily lift my credit freeze if I need to let someone check my credit
report?
If you want to apply for a loan or credit card, or otherwise need to give someone access to
your credit report and that person is not covered by an exception to the credit freeze law,
you would need to temporarily lift the credit freeze. You would do that by using a PIN that
each credit reporting agency would send once you placed the credit freeze. In most states,
you’d have to pay a fee to lift the credit freeze. Most states currently give the credit
reporting agencies three days to lift the credit freeze. This might keep you from getting
“instant” credit, which may be something to weigh when considering a credit freeze.
report?
If you want to apply for a loan or credit card, or otherwise need to give someone access to
your credit report and that person is not covered by an exception to the credit freeze law,
you would need to temporarily lift the credit freeze. You would do that by using a PIN that
each credit reporting agency would send once you placed the credit freeze. In most states,
you’d have to pay a fee to lift the credit freeze. Most states currently give the credit
reporting agencies three days to lift the credit freeze. This might keep you from getting
“instant” credit, which may be something to weigh when considering a credit freeze.
What does a credit freeze not do?
While a credit freeze can help keep an identity thief from opening most new accounts in your
name, it’s not a solution to all types of identity theft. It will not protect you, for example, from
an identity thief who uses your existing credit cards or other accounts. There are also new
accounts, such as telephone, wireless, and bank accounts, which an ID thief could open
without a credit check. In addition, some creditors might open an account without first
getting your credit report. And, if there’s identity theft already going on when you place the
credit freeze, the freeze itself won’t be able to stop it. While a credit freeze may not protect
you in these kinds of cases, it can protect you from the vast majority of identity theft that
involves opening a new line of credit.
While a credit freeze can help keep an identity thief from opening most new accounts in your
name, it’s not a solution to all types of identity theft. It will not protect you, for example, from
an identity thief who uses your existing credit cards or other accounts. There are also new
accounts, such as telephone, wireless, and bank accounts, which an ID thief could open
without a credit check. In addition, some creditors might open an account without first
getting your credit report. And, if there’s identity theft already going on when you place the
credit freeze, the freeze itself won’t be able to stop it. While a credit freeze may not protect
you in these kinds of cases, it can protect you from the vast majority of identity theft that
involves opening a new line of credit.
A fraud alert is another tool for people who’ve had their identity stolen – or who suspect it may have been stolen. With a
fraud alert in place, businesses may still check your credit report. Depending on whether you place an initial 90-day
fraud alert or an extended fraud alert, potential creditors must either contact you or use what the law refers to as
“reasonable policies and procedures” to verify your identity before issuing credit in your name. However, the steps
potential creditors take to verify your identity may not always alert them that the applicant is not you.
have a relationship with the company. Some consumers use credit freezes because effective against new credit
accounts being opened in your name, but will likely not they feel they give more protection. As with credit freezes, fraud
alerts are mainly stop effective against new credit accounts being opened in your name, but will likely not stop thieves
from using your existing accounts, or opening new accounts such as new telephone or wireless accounts, where credit is
often not checked. Also, only people fraud alerts. In some states, anyone can place a credit freeze.
who’ve had their identity stolen – or who suspect it may have been stolen, may place
fraud alerts. In some states, anyone can place a credit freeze.
Next: About Identity Theft Insurance
Back to: Identity Theft Overview
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