How To Unfreeze Your Credit Report?
An Overview of Credit Freezes One approach customers may lock their credit reports and information is via a credit freeze or a security freeze. When your credit report is frozen, this slows the speed at which identity thieves may create new credit accounts in your name using it. Freezing your credit needs a PIN unique to the applicant, is free, easy to start and undo.
Unless you remove the freeze for some period, nobody can see your credit record or score. This especially helps stop fraudsters from using your credit should a hack compromise your data.
Why Should Your Credit Freeze? For various reasons, freezing your credit is advised even if you believe you could be in danger of identity theft.
- You learned of a data breach at a bank, employer, insurer, etc. Credit freezing stops criminals from exploiting your details.
- Such personal identifiers include your wallet, passport, Social Security card, etc. Freezing your credit means no one can open credit in your name.
- You use public computers or unsecured WIFIs to share your financial details. Locking your credit eliminates one more way in which such people can have unauthorized access to your information.
- You do not need to borrow money frequently, and you do not apply for credit deliberately. There is no drawback to freezing your credit reports if you are not planning on initiating new credit lines.
- You have been a victim of tax fraud or employment fraud. It can help to freeze your credit to stop further damage.
- You have a difficult relationship with a current or former spouse partner or other close family member. Unfortunately, fraud by those who are close to you is not an impossible scenario.
Freezing Your Credit Freezing your credit is free and can be done through the online portals of the three major credit bureaus. You need to contact each bureau individually. Below are the basic steps.
- Go to each bureau’s website and write a letter to Equifax, Experian, and TransUnion to request a credit freeze.
- All your details such as personal identification including your name, address, date of birth, social security number, etc., will be requested to verify your details.
- Generate a PIN that should range between six figures and ten figures. This will be necessary any time you decide to lift the freeze.
- The freeze should be done within 1-3 business days since the product is placed in the freezing chamber.
- You will be mailed a confirmation letter that contains additional information regarding the freeze and your PIN.
How to Get a Credit Freeze Lift A credit freeze is effective until it is thawed or removed permanently. Reasons you may need to lift the freeze include.
- Applying for a new loan or credit card
- Getting a new account with a bank
- Renting an apartment
- Applying for insurance
- Looking for a new job
Follow these steps to lift a freeze.
- The credit bureau may be reached through the Internet or over the phone.
- Give your full name, physical address, date of birth, SSN, and PIN.
- Petition for a suspension of the freeze or ask for the duration of the freeze to be shortened.
- A lift generally operates within 1-15 minutes of being summoned.
On the other hand, you can delete it entirely by writing to each bureau and asking them to remove the freeze. Just make sure that you return it once you are done with the activity that made you open your report.
Key Takeaways Freezing of credit is a good method of protecting yourself against identity thieves from using your data to open new accounts. It is cost-effective, easy to insert and the best part is that it can be locked by a PIN code. Just remember to lift the freeze when you are applying for credit or other legal purposes. One drawback of the credit freeze is that you still need to keep a check on the accounts you have open even when they are frozen.
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