You could opt for credit monitoring instead of a full freeze. While it’s not a heavy burden, it does add extra steps anytime you do something that requires a credit check. But remember - you still need to unfreeze your credit if you legitimately want to apply for a loan or line of credit. While freezing your credit won’t guarantee safety, it’s a pretty strong defense against identity theft. Why doesn’t everyone freeze their credit? When you freeze your credit and the business can’t get any information about you, it typically stops the process - which means a fraudster will be unable to open an account while using your identity. The credit check helps the business determine if they want to lend or rent to you, and it can help set your rates and lending terms for loans and credit cards. Typically, businesses inquire about your credit when you (or someone posing as you) are trying to, for instance, open a new credit card, buy a car or rent an apartment. ![]() ![]() What is a credit freeze? When you freeze your credit, the credit reporting bureaus can’t give any information to anyone who makes an inquiry about you. However, after the massive Equifax data breach in 2017, consumer advocates called on Congress to provide free access to credit freezes. Then, you often had to pay again to unfreeze or thaw your credit if you wanted to do something that required a credit check, like applying for a new loan. Prior to the new law, each of the three credit bureaus could charge you if you wanted to put a freeze in place (usually around $10 at each bureau). In 2018, a new law made it free to freeze your credit. ![]() You may want to consider it as doing so will mean that even if a criminal gets your information, it will be difficult or impossible for that person to open a fraudulent account in your name. But freezing your credit can offer protection and give you peace of mind. ![]() There’s no sure-fire way to prevent someone from stealing your identity and damaging your credit in the process. Disability Insurance Calculator Money Parachute iconĪ credit freeze can go a long way toward preventing someone from using your identity.Environmental, Social & Governance Report.
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June 2023
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