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MINIMIZING YOUR IDENTITY THEFT RISK
MINIMIZING YOUR IDENTITY THEFT RISK
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All information is provided as is. Additional research and information verification should be done before using any information
provided on this site. We make no guaranties as to accuracy, content, truthfulness, quality, or fitness for a particular purpose of any
of the information presented on this site. We do not assume any legal liability or responsibility for any incorrect, misleading,
outdated, or missing information. Additionally, we are not responsible for the contents of any off site pages that are referenced in
this site or are linked to from this site. All web pages presented on this site are subject to copyright law protection, whether stated
or implied - all rights reserved.
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.
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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.
What’s the difference between a credit freeze and a fraud alert?
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.
A credit freeze, on the other hand, will prevent potential creditors and other third
parties from accessing your credit report at all, unless you lift the freeze or already
have a relationship with the company. Some consumers use credit freezes because
they feel they give more protection. As with credit freezes, fraud alerts are mainly
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
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
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.
A credit freeze, on the other hand, will prevent potential creditors and other third
parties from accessing your credit report at all, unless you lift the freeze or already
have a relationship with the company. Some consumers use credit freezes because
they feel they give more protection. As with credit freezes, fraud alerts are mainly
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
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
