That means you’ll continue to build credit as you make regular on-time monthly payments and pay down debts.
You’ll still be able to use your credit accounts whenever you want without experiencing delays.Įven if you have a freeze, your existing creditors will still be able to access your credit reports and post your payment information to the bureaus. Will a freeze interfere with my ability to use my credit cards or build credit?Ī. So if an ID thief tried to use your stolen personal information to apply for credit, the lender would deny the application because it couldn’t access your credit reports to see how you’ve paid on accounts in the past. Credit freezes prevent lenders from running your credit unless you’ve thawed your credit reports, using your PIN. Under federal law, freezes and thaws are free.Ī. And don’t pay anyone else to manage your freezes and thaws. The new law gives credit bureaus a day to thaw a credit report, but most bureaus are used to working with a 15-minute time frame under state freeze laws. Then simply contact those bureaus and use your PIN to briefly thaw your credit reports for the allotted time. How do I thaw a freeze when I want to apply for credit?Ī. When you want to apply for credit, ask the lender which bureau or bureaus they will use to run a credit check and how long they anticipate the credit check will take. You’ll need it when you want to thaw your reports when you apply for credit. Have your Social Security number handy when you contact the bureaus – that’s how bureaus identify your report - and make sure you have a way to record your PIN. Some bureaus refer to a “credit freeze” as a “security freeze.” Use a secure computer or device to fill out a request at each credit bureau. For a credit freeze to be effective, you’ll need to freeze your credit reports at all three of the major credit bureaus:
And best of all, they're free.įrequently Asked Questions Q.
Instead, they give you a "behind the scenes" way to protect yourself from fraud. You are here: Home > Consumer Protection > Credit/Debt > Security FreezesĬredit freezes are powerful tools to stop ID thieves from wrecking your credit.Ī freeze lets you lock your credit reports so ID thieves can't create accounts using your name and Social Security number.įreezes don't affect your use of credit cards or impact your credit score.
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