Why Should You Freeze or Unfreeze Your Credit Report?

Freezing and unfreezing your credit report can go a long way to fighting identity theft. REDPIXEL.PL/Shutterstock

Good credit is a precious item; that’s why you work hard to protect it. But although you can guard it by responsibly managing your credit, other factors can harm it. According to the Javelin Strategy & Research Study 2024 Identity Theft Study, sponsored by the AARP and others, Americans lost $23 billion to identity fraud in 2023.

But there is a way to help you avoid being the next victim. Freezing and unfreezing your credit report can go a long way to fighting identity theft. But what is freezing credit, and how do you use it?

What Is a Credit Freeze?

When you apply for a credit card or loan, the lender pulls your credit history. Based on the report’s information, the lender will give you the loan or credit card.

A credit or security freeze prohibits access to your credit reports. Blocking access prevents new accounts, loans, or credit cards from being taken out in your name without your approval. This means that identity thieves can’t use your credit report.

Freezing your credit doesn’t impact your credit score.

Freezing a credit report is different from a fraud alert. A fraud alert is a notice on your report that warns creditors you may be the victim of identity theft.

Why You Should Freeze Your Credit

Freezing your credit is fast, and it doesn’t cost anything.

Nowadays, there are data breaches and security concerns. Freezing your credit will keep your money safe and give you peace of mind. It’s one of the few tools you have to ensure your good credit is safe.

Freezing might have a few inconveniences, like remembering to unfreeze it when you apply for credit. But these are minor compared to the damage that an identity thief can do.

When to Freeze Credit

Freezing your credit is prudent if you’re not applying for or a loan or shopping for a credit card. You can freeze your credit with any of the credit bureaus for free. It’s also free to thaw your frozen credit. It’s best if you protect your credit all the time.

How to Freeze Your Credit

You must freeze your credit with all three credit bureaus. Keep in mind also that each credit report is for an individual. That means both you and your spouse will need to freeze the credit. You can go through the bureau’s website, call, or write a letter. The quickest way is to call. Here are the three credit bureaus:

Equifax

You have three ways you can ask for a security freeze:

1. Call: 1-888-298-0045
2. Online
3. Mail: Equifax Info. Services LLC, P.O. Box 105788, Atlanta, GA 30348-5788

When requesting a security freeze from Equifax, you’ll need to have your name, current address, and former ones for the last two years. You’ll also need your Social Security number, date of birth, and proof of your current mailing address. That could be a utility bill, insurance, bank statement, or other similar documents.

Experian

1. Call: 888-397-3742
2. Online
3. Mail: Experian Security Freeze, P.0. Box 9554, Allen, TX 75013

You’ll need your name, current or former address for the last two years, Social Security number and date of birth. You’ll also need a copy of a government identification card like a driver’s license or military ID. Provide proof of your current address like a utility bill or bank statement.

Transunion

Three ways to ask for a security freeze include:

1. Call: 800-916-8800
2. Online
3. Mail: TransUnion, P.O. Box 160, Woodlyn, PA 19094

When asking for a security freeze from TransUnion, you must provide your Social Security number and date of birth.

How Long Does It Take for a Freeze Request?

If you make a request to freeze a report by phone or online, it will typically go into effect within one business day. A request by mail must be frozen within three days of receipt.

To unfreeze a report by phone or online, the agency must lift it within an hour. A request made by mail will take three days to unfreeze.

Who Has Access to a Frozen Credit Report?

When your credit report is frozen, it’s inaccessible to most people. But there are a few exceptions.

You, of course, can access the report as well as current creditors and debt collectors. Marketers can see parts of your credit report so that they can send you offers. Sometimes, government or child support agencies can see your frozen credit report.

And though it omits certain details, an employer or potential employer can check your credit with your permission.

Credit Freeze versus Credit Lock

A credit freeze and a credit lock prevent access to your credit reports. But there are some differences.

A credit freeze service is mandated by law. However, a credit lock is a voluntary product offered by a couple of credit bureaus.

Equifax offers a free Lock & Alert credit lock. Experian has a credit lock, but it is only available through its subscription package for $24.99 per month. TransUnion discontinued its credit lock this year.

Unfreezing Your Credit

You can log into the credit bureau website and select “unfreeze.” You must supply certain verifying information if you choose to do this by phone or mail.

Unfreezing your credit by phone or online is the fastest. The request must be fulfilled in one hour. Mail takes up to three business days from receipt.

You should unfreeze your credit if you are applying for a credit card or loan.

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