You can freeze and unfreeze your credit reports at Experian, TransUnion and Equifax online, by phone or by mail. The online option is the fastest and easiest.
You have the right to add a security freeze, more commonly called a credit freeze, to all of your credit reports for free. Doing so can limit access to your credit reports, which may help protect you from some types of credit fraud. There are several ways to freeze your credit at each of the three credit bureaus, but freezing your credit online might be the easiest option.
Identity theft and credit fraud are unfortunately very common these days. Having your personal and financial information stolen can be a nightmare to deal with. One way to protect yourself is by locking your credit report. But is it free to do this? Let’s take a closer look.
What is a Credit Lock?
A credit lock restricts access to your credit report and scores. This prevents lenders and others from being able to pull your credit when applying for loans credit cards utilities, rental applications, and more.
By locking your credit, you make it more difficult for identity thieves to open new accounts in your name. They won’t have access to your credit history or be able to verify your identity with a credit check.
A credit lock is similar to a credit freeze The main difference is that you don’t need a PIN to unlock a credit lock. With a freeze, you have to provide a PIN each time you want to temporarily lift it A lock can be unlocked instantly without needing additional verification.
Is It Free to Lock Your Credit?
The good news is that yes, the three major credit bureaus – Experian, Equifax, and TransUnion – now offer free credit locking and unlocking. This came about after the massive Equifax data breach in 2017 that impacted over 140 million Americans.
Here’s a quick look at the free lock/unlock options from each bureau:
-
Experian – Their free credit lock product is called CreditWorks. You can easily lock and unlock your Experian credit report online or via their mobile app.
-
Equifax – Equifax provides free locking and unlocking through their Equifax Complete Premier plan. You get free credit monitoring along with the lock.
-
TransUnion – TransUnion’s free lock is called TrueIdentity. You can use their website or app to instantly lock or unlock access.
So with all three major bureaus, you can now place a free credit lock and lift it whenever needed for free. This makes it accessible for everyone to better protect themselves from credit fraud.
How Do I Place a Free Credit Lock?
Getting a complimentary credit lock in place is quick and simple. Here are step-by-step instructions:
-
Visit each bureau’s website or download their app:
- Experian.com
- Equifax.com
- TransUnion.com
-
Create an account with each bureau to access the free lock/unlock service.
-
Follow the prompts to place a lock on your credit file. This will block access to your report.
-
Save your login details to easily manage your lock going forward.
-
You can then log in to temporarily lift the lock when applying for credit or as needed. Be sure to lock it again after.
Having separate locks with all three bureaus ensures your entire credit file is protected. One bureau’s lock won’t block access at the others. So comprehensive locking is key.
Are There Any Downsides to a Credit Lock?
Credit locks are an excellent free way to guard against new fraudulent accounts and inquiries. However, there are a couple potential downsides to note:
-
Delayed Approvals – With your report locked, lenders can’t pull your credit until you unlock it. This could delay the approval process for loans and credit cards.
-
More Hoops – You have to proactively remember to lock and unlock your credit file appropriately with each bureau when applying for new credit. This could become tedious over time.
-
No Credit Monitoring – A basic lock only blocks access to your file. It doesn’t monitor for suspicious activity like paid credit monitoring services do.
Overall though, the benefits outweigh these minor inconveniences for most people. Just be sure you stay on top of locking and unlocking your credit file when needed.
Other Ways to Protect Your Credit
Along with a credit lock, here are some other tips to secure your credit from thieves:
-
Monitor your credit reports regularly for any unauthorized activity.
-
Set up credit monitoring alerts to notify you of important changes.
-
Limit who has access to your personal information.
-
Shred financial documents and statements before disposal.
-
Use strong unique passwords and update them periodically.
-
Beware of phishing scams by email, phone or text.
-
Use secure WiFi networks when accessing sensitive accounts.
-
Review all bills and statements closely for any errors or fraud.
Lock Down Your Credit Today!
Identity theft can be a costly nightmare. Protect yourself by taking advantage of the free credit lock options now offered. Contact Experian, Equifax and TransUnion to put a lock in place and take back control. While no method is foolproof, locking your credit is an excellent free step to prevent criminals from accessing your report and committing fraud in your name.
What Is a Credit Freeze?
A credit freeze is an action you can take to manage access to your consumer credit reports at Experian, TransUnion and Equifax. When you freeze your credit, the credit bureau wont release your report to creditors that want to check your credit as part of an application review process. As a result, creditors may deny applications for new credit accounts, such as credit cards and loans.
Although youll need to remember to unfreeze your reports before applying for credit, keeping your reports frozen can help prevent someone from opening a new account in your name. You can additionally freeze other types of consumer reports, such as your National Consumer Telecom and Utilities Exchange (NCTUE) report and ChexSystems report, to help keep criminals from opening other types of accounts in your name, such as utility or bank accounts.
What Does a Credit Freeze Do?
Freezing your credit limits access to your credit report. When your credit report is frozen, the credit bureau wont share your credit report, or a credit score based on the report, with companies that want to check your credit after you apply for a new credit account.
As a result, a credit freeze can help keep someone from:
- Getting a loan in your name
- Opening a credit card in your name
For example, when you apply for a credit card or loan, the creditor will usually check your credit history and score to determine if you qualify and what rates and terms to offer you on a new account. If your credit report is frozen, the creditor wont get access to your report or score and may automatically deny your application or tell you that the application is pending.
Take note that a credit freeze doesnt prevent fraud from occurring on your existing accounts. Fraudsters can still steal your physical credit cards, skim account numbers and take over your online accounts. Therefore its important to routinely monitor your financial accounts and credit reports for signs of fraud.
Credit Freeze Explained in Under 5 Minutes
FAQ
How much does it cost to lock your credit?
Is it a good idea to lock your credit?
If you suspect your personal information or identity was stolen, placing a credit freeze can help protect you from fraud.
Can you lock your credit for free?
How to freeze your SSN for free?
To block electronic access to your SSN, you have to call your local Social Security office or 1-800-772-1213. Finally, you can turn on the SSN Self Lock online via the Department of Homeland Security’s (DHS) “myE-Verify” website.
What is the difference between a credit freeze and credit lock?
A credit freeze and a credit lock prevent lenders from checking your credit in order to open a new account. They’re both great ways to control who can access your credit. Credit freezes are always free and provided by credit reporting agencies. Credit lock can come as a feature of credit monitoring services.
Can I freeze my credit for free?
You can unfreeze your credit or temporarily lift a freeze for a set amount of time for free when you’re ready to apply for new credit and allow access to lenders. You can freeze credit reports for your family. Request a freeze for a minor, spouse or incapacitated adult.
Should I lock my credit?
If you want to help prevent others from opening fraudulent financial accounts in your name, you might want to lock your credit. A credit lock keeps new creditors from accessing your credit reports and gives you more control than a credit freeze.
Does Equifax offer a free credit lock program?
Equifax offers a free credit lock program called Lock & Alert ™. Once you’ve enrolled in the program, you can lock and unlock your Equifax credit file on the associated app or via the Equifax website. An Equifax credit report lock prevents access to your report and stops anyone from opening new credit accounts.
Should I lock or freeze my credit report?
You can lock your credit reports with just one credit bureau or with all three. Prevents scammers from damaging your credit score. If your identity has been stolen, you should lock or freeze your credit immediately — before fraudsters ruin your credit score and financial reputation with lenders. Some credit locks cost money.
Can I lock and unlock my credit report?
You can lock and unlock your reports yourself at any time, making it faster than a freeze if you need to authorize a legitimate credit check. TransUnion and Equifax allow you to lock and unlock your credit for free.