Benefits Of A 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
Freezing 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.
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.
How To Do A Credit Freeze
To do a credit freeze, the customer must contact each of the three major credit bureaus. The three major credit bureaus, upon receipt of the credit freeze request via telephone or electronic means, must place a credit freeze within one business day. Three business days are allowed for credit freeze requests sent by mail.For requests sent by mail, the customer is required to submit a written letter together with supporting documents for identity verification. Identity verification for phone requests is in the form of authentication questions related to the customer’s credit report.
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.
For more information contact the professionals at iSoftpull today.