Credit Freeze meaning

Credit Freeze 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.

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:
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Credit Freeze Transunion

To request a credit freeze in TransUnion, the customer needs to create a free TransUnion Service Center account. The TransUnion service center account registration requires the following personal details:
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• First and Last Name
• Address with ZIP code
• E-mail Address
• Mobile Number
• Date of Birth
• Last four digits of the SSN

Once registered, a credit freeze can be added at any time, free of charge by the customer. The customer can monitor the status of the credit freeze. The customer can also remove or temporarily lift the credit freeze. Credit freeze for a minor, spouse, parent and deceased relative can also be done in TransUnion.TransUnion also allows credit freeze applications via phone or mail. For mail, a written request together with the name, Address, and SSN must be sent by the customer. The customer also needs to associate its own credit freeze application via phone or mail by nominating a 6-digit PIN. The 6 -digit PIN should be something that the customer will remember that others might not easily guess.

Credit Freeze Process

A credit freeze restricts access to the credit report of the customer. The customer or any other person cannot open a new credit account while there is a credit freeze. A credit freeze is useful in avoiding identity theft by preventing credit report access by entities like financial institutions or creditors.

Credit report access is still activated for entities while the credit report is in freeze. They are:

• Creditors of accounts the customer currently holds
• Certain government entities like child support agencies
• Companies that the customer hired to monitor credit file

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

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