After criminals hacked into Equifax’s credit system, people are asking if they should freeze their credit.
Here are ten facts to know about freezing credit:
- Freezing your credit will lock down and stop all new credit activity, so that no one can open a new account in your name or with your social security number.
- If you want to apply for credit, such as a mortgage or auto loan, you will need to contact the credit agencies with the personal identification number (PIN) they supplied you with.
- You must give them three days to unfreeze your credit.
- If you unfreeze your credit to apply for financing, you can then refreeze it afterward.
- A credit freeze does not prevent you from using your existing accounts.
- You can still dispute erroneous information in your credit file during a credit freeze.
- You can request your free annual credit report while your credit is frozen.
- A credit freeze does not affect your credit scores.
- You can permanently open your credit again at any time (allowing three days for the credit agencies to do so).
- To freeze your credit, you must contact Equifax, Experian, and TransUnion individually. A fee may or may not apply.
Fees to Freeze Credit By State
In some states, freezing your credit is free. For minors and victims of ID theft, a credit
freeze is usually free. For seniors, a credit freeze may be free.
Here is the link to check out the fee in each state.
Thank you for reading and passing on this essential information. Because some people are wondering, personally, I chose to freeze my credit with all three agencies. I did not enroll in a credit monitoring service.