A credit freeze (sometimes called a security freeze, credit report freeze or credit lock) makes an individuals credit report inaccessible. They are mostly used by consumers who are the victim of identity theft that want to prevent the thieves from starting new lines of credit in their names. This works because creditors will pull an individuals credit report before approving them for new credit, if they are unable to pull the credit report due to a credit freeze they’ll know something is suspicious and the application will be denied. Freezes also prevent credit scores (such as the FICO score) from being accessed as these are based on an individuals credit report.
When an individual places a freeze on their credit report, they’ll be provided with a PIN or password which needs to be used whenever they want to: unfreeze the report for a specific period of time, allow a specific third party (e.g employer, creditor, insurer, etc) to access the report or remove the freeze entirely. Whenever one of these actions is performed the individual will need to prove their entity along with providing this PIN/password.
Creditors that already have an existing relationship with an individual (e.g a credit card issuer whom the individual has a card with) are still able to access that individuals credit report – but this must not be used to extend new lines of credit.
Adding A Credit Freeze
For a credit freeze to be successful an individual will need to place one on each of their credit reports (every individual has three credit reports, one with each of the three credit bureaus: TransUnion, Equifax & Experian).
TransUnion
- Online at: https://www.transunion.com/credit-freeze
- Via phone: 1-888-909-8872
- By certified mail (consumers should make sure they get a return receipt): TransUnion Fraud Victim Assistance, P.O. Box 6790, Fullerton, CA. 92834
- Unfreezing an account: Online or call 1-888-909-8872
Equifax
- Online at: https://www.equifax.com/personal/credit-report-services/
- By certified mail (consumers should make sure they get a return receipt): Equifax Security Freeze, P.O. Box 105788 Atlanta GA 30348
- Unfreezing an account: 1-888-298-0045, by mail using the address above or online
Experian
- Online at: https://www.experian.com/freeze/center.html
- By certified mail (consumers should make sure they get a return receipt): Experian Security Freeze, P.O. Box 9554, Allen, TX 75013
- Unfreezing an account: 1-888-397-3742 or online
For consumers wanting to freeze their credit report by mail, you’ll need to send a letter that includes all of the relevant details. Make sure to include the attachments requested (these can be found at the bottom of the sample letter)
FAQs
Is it better to freeze or lock your credit?
The better option between a credit freeze versus lock depends on your situation. Credit freezes for all three credit bureaus are free and backed by federal protection, but you typically experience a delay after requesting a freeze or a thaw. This could be a matter of hours if you make the request online or by phone, but it could take multiple business days by mail.
On the other hand, credit locking and unlocking can be done immediately and easily through a mobile app or on a computer, but they’re often part of a paid service. Both options can help you accomplish the same objective — to block access to your credit report. The choice depends on if you want to pay for the convenience and speed of a credit lock versus freeze.
Is there a downside to freezing your credit?
If you freeze your credit, your credit report can’t be accessed until the freeze is removed. This blocks unwanted attempts to access your information, but it can also block lenders from accessing your credit history if you want to apply for a loan or credit card. In these cases, you may want to permanently or temporarily remove a credit freeze so you can apply for the credit products you need.
How long does a credit lock last?
A credit lock lasts until you decide to unlock your credit. Since credit locks are typically initiated or disengaged from a mobile app or website, it’s often easy to instantly lock or unlock your credit with a specific credit bureau.
Which is best: credit freeze vs. lock?
The best option for you between a credit freeze versus lock depends on your situation and what features you’re looking for. Both options could help block unwanted credit fraud, but you may find one tool more useful than the other.
Check out this table for a quick look at the pros and cons of a credit freeze versus lock:
| Credit freeze | Credit lock | |
| Cost | Free from each credit bureau |
|
| How to manage | Call the credit bureau or visit its website | Lock or unlock straight from your mobile device or computer |
| Time to take effect | Up to one hour to add or remove a freeze | Immediately |
| Regulated by | Federal government | Service provider |