Life Fright

I never knew about this when I became an adult and wish I knew earlier just how easy it is to freeze access to your credit report. Credit reports are important because they give lenders like credit card companies and banks an idea of your ability to pay back debt along with how many obligations you have (i.e. number of credit cards). This along with details like your FICO score or your overall credit score determines whether you will be approved for a new loan or credit card.

There are 3 major credit bureaus: Experian, Transunion, and Equifax. Each of these credit bureaus calculate credit scores differently and each one has a separate process for placing a credit freeze. A credit freeze is the process of restricting access to your credit report so identity thieves are not able to open credit cards or loans in your name, creating a massive headache and stress for you to sort out. Note that this freeze works 2 ways. It also prevents you from being able to be approved for a loan or a credit card. Don’t worry though, you can request temporary lifts/thaws of credit freezes when the occasion warrants it.

To request a credit freeze, this can be done online or through calling their customer service lines. I opted to do mine all online to avoid long wait times on hold when calling and it took me less than an hour total. Do note that placing a credit freeze with one bureau does not mean credit freezes are in place with the other bureaus! It is inconvenient I know, but it saves us a much worse time dealing with the havoc wreaked by identity thieves. I wish credit freezes was the default option because requesting credit freezes is a process people don’t find time to do or consider important until something happens to them or someone they know. Don’t delay this!

Disclaimer: This content is for informational purposes only and should not be construed as legal, tax, investment, financial, or other advice. Please conduct your own research and due diligence before making any financial decisions.