Debunking the Myths of Freezing Credit
Freezing your credit is a security measure that helps to restrict access to your credit report, which makes it harder for identity thieves to open new accounts in your name. You may be surprised to learn that a security freeze doesn’t affect your credit score or any existing accounts and the freeze can be easily lifted when you need to apply for new credit.
Since there can be confusion about freezing credit, many people don’t take advantage of this important safety measure. To help, we’ve cleared up some of the most common misunderstandings for you.
Myths of Freezing Credit
1. It Hurts Your Credit Score:
Freezing your credit does not affect your score. It simply blocks new creditors from accessing your report, without affecting your existing accounts.
2. It’s a Hassle
Contrary to popular belief, freezing and unfreezing your credit is quick and straightforward. Most credit bureaus allow you to do this online in just minutes or you can call a representative for help.
3. It’s Only for Identity Theft Victims:
While it’s absolutely advised for those who have experienced identity theft, anyone concerned about the potential for fraud can benefit from a credit freeze as a preventative measure.
4. Credit Monitoring Is Just as Effective:
Credit monitoring informs you of suspicious activity once it has occurred, but it won’t stop new accounts from being opened in your name. A credit freeze provides a stronger defense by blocking access to your credit report.
Benefits of Freezing Your Credit
Freezing your credit helps prevent identity theft by blocking access to your credit report, making it difficult for fraudsters to open accounts in your name. It’s free, easy to implement and remove and gives you peace of mind especially after a data breach or when you feel your sensitive information may have been compromised. Additionally, it offers you control over who can view your credit when you’re not seeking new accounts.
Place Security Freezes Online
Visit these websites for more information about how to place or remove freezes with each credit bureau:
- Equifax – www.equifax.com/CreditReportAssistance
- Experian – www.experian.com/freeze
- TransUnion – freeze.transunion.com
Learn More
Interested in learning more? We recommend visiting www.AnnualCreditReport.com to get trusted information about how to place security freezes, plus access free weekly credit reports from the three major credit bureaus.