Another day, another data breach in the news. With each new revelation of data exposure, our expectations for privacy get lower and lower. While there is little you can do to keep your data from being exposed through a third party, you can still take action to protect yourself against the worst-case scenarios. When it comes to protecting yourself financially, freezing your credit should be at the top of your list.
Why freeze your credit
Freezing your credit is like locking your door. Sure, if you leave it unlocked, it’s possible nothing bad will happen, but why take the risk? Freezing your credit prevents potential creditors from accessing your credit reports. This means no one—including you—can open a credit card or take out a loan in your name while a credit freeze is in place. A fraudulent account can affect your credit score and is a pain to deal with, so freezing your credit can save you a major headache in the future.
How to freeze your credit
You’ll have to freeze your credit with each of the three credit bureaus—Experian, Equifax, and TransUnion—individually.
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Create a free online account: The easiest way to freeze your credit is by creating a free account with each bureau online. The bureaus also offer paid credit monitoring services, but you do not need to sign up for these or pay anything to place a credit freeze—if you are being asked for payment information, you aren’t in the right place. To create your accounts, you’ll need basic personal information such as your name, address, birth date, and Social Security number.
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Save your password: Make sure to write down or save your password somewhere secure so you can easily log into your accounts to unfreeze your credit in the future.
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Place the freeze: Once you’ve created an account and logged in, freezing your credit is as easy as clicking the “freeze” button!
The entire process should take between 15-30 minutes total across all three agencies.
Frequently Asked Questions
Can I still get my credit score and check my credit reports while my credit is frozen?
Yes, you can still access your credit score through third-party websites such as your bank or Credit Karma while your credit is frozen. You can also still access your credit reports through annualcreditreport.com or the credit bureaus themselves.
Will I need to take any extra steps before applying for a new credit card or loan?
Yes, before applying for any new credit, you’ll need to unfreeze your credit. The bureaus allow you to specify a temporary freeze lift for certain dates. For example, if you plan to apply for a new credit card next week, you can unfreeze your credit for just that week and the freeze will resume automatically. If you aren’t sure exactly when your credit will be pulled, you can lift the freeze entirely and manually put it back in place afterward.
Can I place a credit freeze for my children?
Yes, parents can place a credit freeze for their minor children. The process requires the submission of a physical form including documentation such as your ID, your child’s birth certificate, and your child’s Social Security card at a minimum. Once again, you’ll have to do this with each bureau individually. The freeze will remain in place unless you lift it. Once your child is 16, they can also lift the freeze themselves.
