I came back and forth by freezing my loan for weeks before I actually did it. As a personal finance editor covering identity theft, I knew it would make it harder for criminals online to open a new credit account in my name – but would add some extra steps to me to do the same.
When you raise your credit, you need to manually give up or “melt” it with each of the top three credit offices whenever you want to apply for a new credit card, car credit or mortgage.
The process of freezing your credit is not that direct. It includes registration of individual accounts with Equifax, Transunion and Experian and freezing your loan manually online or by phone or mail.
But there are two benefits that sold me in it. First, freezing your credit is absolutely free. And second, you get the peace of mind when you know that you have neutralized a main tool in the book of identity thieves.
Why do my credit reports freeze
Data violations occur more often than you think, in multiple industry sectors. And the chances are, your data have been compromised at least once.
In 2024, Ticketmaster and AT&T reported data violations affected by millions of clients. And hacks of background Squim Company of national public data data and United Group Change of Health Care also compromised the personal data of hundreds of millions. But if you worry about the new credit accounts that open in your name, a loan freezing can provide peace of mind.
I noticed an increase in the amount of fraud messages I receive on my phone and in my e -mail box over the past year. Most are easy enough to smell, but some were well explored.
I have received a variety of messages that are looking for me for ribs and even offering me new job opportunities. Layer of messages, telephone calls and electronic posts make me think at any given moment – while I am distracted or in a hurry to get back to my table for my next meeting – I can fall victim to a deception that can lead to theft of identity.
Freezing my loan is one of the best ways to protect your data and money, but it’s not foolish. Identity fraudsters and thieves can still gain access to my personal information through existing accounts. I can limit the damage, however.
Read more: 5 signs your personal data are in the dark network, and what can you do about it
How do my loan with transunion, Equifax and Experian
When you raise your credit, you will need to do it with each of the three main credit offices. This requires setting accounts with each – a process that lasted about 30 minutes online. In general, you are required the same information: your name, birthday and last four digits of your social security number. Then you must complete the two factors through text or email.
Transunion and Equifax have dedicated files available to you on your dashboard to freeze your credit after you create an account. A few clicks, and I was determined.
Experian makes this opportunity a little harder to find. After a few clicks around, I found two ways to activate a free safety freezing.
You can suspend on the “credit” on your dashboard and click Experian Lock Lock – Experian paid offer that works similar to a loan freezing, but immediately blocks your credit report, among other features. On that page, you will see the free “freezing security” option.
You can also move down to the bottom of the page while you are registered and click on Experian Credit Lock to reach the same page. All three credit offices will confirm freezing your credit via email.
If you don’t want to set up online account, you can call any credit office to freeze your credit. Here are the numbers for each:
- Transunion: 800-916-8800
- Equifax: 888-298-0045
- Experian: 888-397-3742
Once you have requested a freezing of credit, each office must freeze your credit within a working day. When you need to give up your loan, Experian, Transunion and Equifax are needed to melt your credit within an hour. By mail, it may take up to three working days to freeze and open your loan.
Freezing your credit will not solve all your identity theft concerns
Setting up freezing credit was quite simple. But I will not tell you that you have frozen your credit is appropriate. Here are some weaknesses to consider.
You will need to give up your credit whenever you open a new account
Freezing your loan prevents criminals online or identity thieves from opening new credit accounts in your name. But it also stops you. To open a new credit account, you will need to enter your accounts or contact each of the three credit offices and temporarily remove your credit.
If you are thinking of applying for a new credit card, looking for your first home or thinking of issuing a new car loan, it is probably best to wait until you have opened the account before lifting your credit.
Fake sense of security
Freezing your credit is a good step towards protecting your identity, but it can still be stolen.
You can consider registration for an identity theft protection service. Individual plans usually start from $ 7 to $ 15 depending on the level of financial monitoring and identity you want. With an identity theft protection plan, you can monitor your credit, bank accounts and dark network for your family or family identifiable personal data, or PII.
Otherwise, you can benefit from the free tools at your disposal. Review your monthly credit and bank statements. Look at your medical claims online and in your credit report. You can download your free credit report on the anniversary ecreditreptport.com.
Will not stop spam messages
If the fraudsters have your phone number or email, you will not be able to stop efforts to deceive you from money in your existing accounts.
It is best to block phone numbers and email addresses from unknown sender whenever you receive a strange message. Also, take a minute to read messages carefully before clicking on a link.
Will not end new credit offers
Freezing your credit also will not eliminate the spam mail and the predetermined offers you receive. Credit freezing aims to prevent difficult investigations for your loan, such as rental applications or application for a student loan. You can still expect to get offers from credit card companies, insurance carriers and more.
The financial institutions with which you already have a relationship and debt collectors can also see your credit. In special circumstances, as well as the federal, state and local government.
Credit Monitoring Companies as Credit Karma and Sesame Credit can still offer your updated credit results.
You will need good password hygiene
Even if your loan is frozen, you will need to make sure you have good passwords. Make sure you do not use the same entry information on many sites – using the same entry is a common tactic from criminals online.
If keeping your password traces becomes overwhelming, consider paying a password manager. Cnet recommends Bitwarden.
Will not protect your bank account information
Even if you raise your credit, it is still your responsibility to protect your bank account information from the fraudsters.
If you mistakenly provide any account number or entry information to criminals online, contact your bank immediately and change your password.
After all, I am glad to raise my credit
Has the benefits and the bad to freeze your credit. But without any plans to open a new account at any time soon, it was worth it to me. I also feel safer after doing it. Nice nice to know that I have thrown a grief on the plans of every cyber.
Of course, spam messages continue to roll. But I’m fine with being a goalkeeper of my financial accounts. I make a habit to regularly check bank and credit card statements.