What are the Benefits Of A Credit Freeze?
Yes, it is good to put a credit freeze on a credit report. A credit freeze on a credit report protects the customer from identity theft and other forms of fraud like:
- Account Takeover Fraud
- Debit Card Fraud or Credit Card Fraud
- Driver’s License Identity Theft
- Mail Identity Theft
- Online Shopping Fraud
- Social Security Number Identity Theft
- Senior Identity Theft and Scams
- Child Identity Theft
- Tax Identity Theft
- Biometric ID Theft
- Synthetic Identity Theft
- Medical Identity Theft
- Mortgage Fraud
- Home Title Fraud
- Lost or Stolen Passport
- Internet of Things Identity Fraud
Credit freezes can help protect your personal information from being misused. Data breach victims should take action to prevent further harm. A criminal background check won't be affected by your frozen credit status.
How to get a Credit Freeze on Equifax
To request a credit freeze in Equifax, the customer needs to create a myEquifax account. The myEquifax account registration requires the following information:
- First and Last Name
- Date of Birth
- Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
- Mobile Number
- Current Address
The myEquifax account can also be used to temporarily lift, permanently remove, and check the status of the credit freeze. A credit freeze on the credit report for a minor or an incapacitated adult uses the Minor Freeze Request form and the Incapacitated Adult Freeze Request form, respectively. These forms also need documents to prove the identities of the minor, incapacitated adult, and the person who will act as the authorized representative. Lenders can still report your payment activity to credit bureaus even with a frozen credit file.
A credit freeze can also be requested via phone by the customer. The customer is required to give certain information for identity verification. For identity verification, the customer has options to either receive a one-time Personal Identification Number (PIN) via text message or answer questions based on the information on the Equifax credit report to process the credit freeze.
Credit freeze request via mail requires the customer to download and accomplish the credit freeze request form using the following identification information:
- First and Last Name, including Middle Initial
- Current Address including City, State, and ZIP Code
- Former Address including City, State, and ZIP Code
- Social Security Number (SSN)
- Date of Birth
The credit freeze request form also requires photocopies of at least one of the following categories for identity verification:
Identity
- Social Security Card
- Pay stub with SSN
- W2 or 1099 Form
Address
- Driver’s License
- Rental lease agreement/house deed
- Pay stub with Address
- Utility bills such as gas, water, electricy, cable, or residential phone bill
Is there a way to Freeze All 3 Credit Bureaus?
The customer can freeze credit reports from all three credit bureaus by contacting each of them. Each of them allows credit freeze requests via online, phone, or mail. Requests via phone or mail require supplementary copies of documents for identity verification. You have to apply for a freeze at each bureau separately.
Does a Credit Freeze Affects Your Credit Score?
No, a credit freeze does not hurt the credit score of the customer. The customer’s credit profile is also not affected by the credit freeze. The credit freeze does not disable other applications like:
- Applying for a job
- Obtaining insurance
- Renting a property
Credit Freeze, on the other hand, can impact the customer's ability to qualify for a loan or credit card. To qualify for a loan or credit card, the customer needs to thaw or temporarily lift the credit freeze before submitting the loan or credit card application. Your credit scores don't change when your credit is frozen. A lender might need to verify your credit before approval. Utilities can still check your existing accounts for service setup. Getting a new apartment may require you to lift your freeze temporarily.
How Long Does A Credit Freeze Last?
A credit freeze lasts until it is removed by the customer. The customer can request free removal of the credit freeze. The credit freeze will be removed no later than:
- 1 hour after receiving the removal request via toll-free telephone or secure electronic means
- Three business days after receiving the request by mail
A credit freeze can also be lifted temporarily for free and for a period specified by the customer. The customer's credit freeze temporary lift follows the same time period as the removal of the credit freeze. You don't have to pay any cost to lift a security freeze. Click the link to find detailed instructions on the process. There are multiple options available to manage your freeze status. Credit can be unfrozen quickly when needed for legitimate purposes. Credit monitoring services can help detect unauthorized activity on your accounts. Let the bureau know how long you need the freeze lifted. The reporting agency will keep your freeze active until you make changes. Even with a frozen credit file, you can still report payment history. Ask the credit bureau about their specific procedures and timelines. Keep a record of when your freeze was completed. Services provided by credit bureaus include free annual credit reports. Read the page carefully before submitting your freeze request. Action taken to stop identity theft can prevent future problems. A breach of your personal information increases the risk of fraud. Being proactive with a security freeze reduces your risk significantly. Misused personal information can result in serious financial consequences. Marketing companies can't share your credit data without permission. Getting a security freeze is a simple process. Release of your credit report requires your explicit authorization. Known security incidents should prompt immediate protective measures. Provide accurate information when setting up your freeze. Risk of identity theft increases after someone stole your personal data. Completed freeze requests are processed within required timeframes. Top credit bureaus all offer freeze services. Share your PIN securely when lifting a freeze. Find the correct contact information for each bureau. Call the credit bureau directly to initiate a freeze. Exchange of credit information stops when a freeze is active. Existing credit relationships remain unaffected by a freeze. Comply with bureau requirements to successfully place a freeze. Order a credit report before placing a freeze to review accuracy. A security freeze is one of the strongest protections available.
For more information contact the professionals at iSoftpull today.
