How to Protect Yourself from Fraud: Adding a Credit Freeze

Understanding the Threat

Why a Credit Freeze? When your credit report is unfrozen, it becomes accessible to creditors and lenders who conduct credit checks. If an identity thief gains access to your credit report during this time, they can open new accounts or lines of credit in your name.

Identity thieves may use your information to apply for loans, credit cards, or other financial products without your knowledge. This can lead to financial losses and damage to your credit score.

If thieves open accounts in your name, they may incur debts that you are held responsible for. This can result in unexpected financial burdens and a significant amount of time and effort to resolve. Fortunately, you can prevent these issues by implementing a credit freeze.

What is a Credit Freeze?

A credit freeze, also known as a security freeze, is a tool that helps protect your credit report from unauthorized access. Here’s a breakdown of what it involves:

Duration: A credit freeze remains in place until you decide to lift or remove it. It does not expire automatically. You can also choose to temporarily lift the freeze if you need to apply for new credit or loans, and then reapply the freeze once the application process is complete.

Definition: A credit freeze restricts access to your credit report. When you place a credit freeze, creditors and lenders are unable to view your credit report without your explicit permission. This means that new credit accounts or loans cannot be opened in your name without first lifting the freeze.

The right to a credit freeze is guaranteed by federal law under the Fair Credit Reporting Act (FCRA), which ensures that the process is standardized across the country.

How Does a Credit Freeze Work?

When a credit freeze is in place, credit bureaus (Equifax, Experian, and TransUnion) cannot provide your credit report to lenders or creditors, making it difficult for them to process applications for new credit accounts. This helps protect you from identity theft where a fraudster might try to open accounts in your name.

When you request a credit freeze, you will receive a PIN or password from each of the major credit bureaus. This PIN or password is required to temporarily lift or permanently remove the freeze. The freeze can be placed online, by phone, or by mail.

Benefits of a Credit Freeze

Protection Against Identity Theft

A credit freeze makes it nearly impossible for identity thieves to open new accounts in your name because they cannot access your credit report. Emphasize that while a freeze does not prevent theft of existing accounts, it adds a crucial layer of security for new credit applications.

No Impact on Credit Score

Reassure users that a credit freeze does not affect their credit score. It only restricts access to your credit report for new credit inquiries, while existing credit accounts and your credit score remain unaffected.

A Credit Freeze is a Available for Free

Placing a credit freeze is free of charge. Highlight that there are no hidden fees and that this service is available to all consumers at no cost.

How to Place a Credit Freeze

Gather Information

Below is a list of the documents users may need to add a credit freeze.

Identification: Government-issued ID (e.g., drivers license, passport)
Proof of Address: Recent utility bill, lease agreement
Social Security Number: Required for verification
Date of Birth: Used for identity verification

Contact Credit Bureaus

Equifax:

Website Instructions:
The easiest way to place a security freeze with Equifax is via their website.
Equifax Credit Freeze

Click “Place a Security Freeze” button
Create and Verify your Account.
Will need to verify your identity by answering questions.
Save your username and password in a safe place.
Note: The “Premium Products” are a paid service. Please do your research before signing up for any of the paid services.

Phone:
To place a security freeze on your Equifax credit report, create a myEquifax account. You can view the status of your security freeze, and also temporarily lift or permanently remove the freeze through myEquifax. You can also call our automated line at (800) 349-9960 or call Customer Care at (888) 298-0045

Mail:
Equifax Security Freeze
P.O. Box 105788
Atlanta, GA 30348

Experian:

Website Instructions:
The easiest way to place a security freeze with Experian is via their website.
Experian Credit Freeze

Click “Create a free account” button
Create and Verify your Account.
Will need to verify your identity by answering questions.
Save your username and password in a safe place.
Note: The “ID Theft and Monitoring” are a paid service. Please do your research before signing up for any of the paid services.

Phone:
Contact Experian’s National Consumer Assistance Center at 1 888 EXPERIAN (1 888 397 3742). If you already have an Experian credit report you can dispute your information online. Or, contact us at the phone number on your report.

Mail:
Experian Security Freeze
P.O. Box 9554
Allen, TX 75013

TransUnion:

Website Instructions:
The easiest way to place a security freeze with TransUnion is via their website.
TransUnion Credit Freeze

Click “Add a Freeze” button.
Create and Verify your Account.
Will need to verify your identity by answering questions.
Save your username and password in a safe place.
Note: The “Get Credit Monitoring” feature is a paid service. Please do your research before signing up for any of the paid services.

Phone:
The quickest and easiest way to remove the freeze from your credit file is online through the TransUnion Service Center. You can also remove a freeze by phone or mail. It’s free to remove a freeze from your credit file.

Call TransUnion at 800-916-8800

Mail:
TransUnion
P.O. Box 380
Woodlyn, PA 19094

How to Manage Your Credit Freeze

Temporary Lifts

When you need a temporary lift on a credit freeze, it’s usually because you’re applying for new credit, a loan, or undergoing a background check that requires access to your credit report.

Specify the Duration: Decide how long you need the credit freeze lifted. You can request a temporary lift for a specific period (e.g., one week) or until a specific date. Some systems also allow for a “one-time” lift if you need access for a single transaction.

Log into each credit bureau (or contact via the methods above) to schedule a temporary lift of the credit freeze.

Permanent Removal

Permanently removing a credit freeze may be necessary in various situations where long-term security is no longer required or when your circumstances change.

Log into each credit bureau (or contact via the methods above) to schedule a permanent removal of the credit freeze.

Frequently Asked Questions (FAQs)

How long does a credit freeze last?

A credit freeze remains in place indefinitely until you decide to lift or remove it. You can manage it as needed.

Can a credit freeze be placed for a minor?

Yes, you can place a credit freeze for a minor. Provide information on the process and required documentation, which usually includes proof of guardianship and the minor’s information.

What if I need to apply for a new job?

A credit freeze does not affect employment background checks, but you may need to lift it if an employer requires access to your credit report for a background check.

How do I know if my credit report is affected?

It is recommended to regularly review your credit reports for any discrepancies or unauthorized activity. A free credit report is available annually from the credit bureaus.

Contact Us for Support

If you’re needing assistance, contact Fix-It Computer Repair today. Our experienced technicians are ready to help you configure your email client and get your digital life back on track.