HOW CREDIT FREEZES MAY HELP TO COMBAT IDENTITY THEFT
If you need to apply for a loan or a job, you can "thaw" your frozen credit history using your PIN
. There is also a fee to thaw your credit, typically about $10 per bureau. Paying that fee may allow you a one-time thaw or a thaw for a specified time period.
Why doesn't everyone do this? Some people don't realize they have the option. Others have considered it, but they would rather not put up with a couple of factors. If you constantly open new credit accounts or if your credit history is checked frequently, it is irritating to pay a thaw fee again and again. Then there's the wait: thawing your credit usually takes a few days.2
It is important to recognize that a credit freeze will not keep everyone out of your credit history it is only as secret as your PIN. Not only that, businesses that have an existing relationship with you can still look inside your credit reports. A freeze is also not a remedy for ID theft if theft is already occurring in one of your credit accounts, a freeze won't stop it. A freeze must be requested before the crime is committed.2,3
Should YOU freeze your credit? The older you are, the more merit the idea may have. Credit freezes are also sometimes requested by divorcing couples when trust is in short supply between ex-spouses. You may want to freeze your credit whether you have been hit by ID theft or not it may end up saving you money and stress someday.
HOW CREDIT FREEZES MAY HELP TO COMBAT IDENTITY THEFT