Imagine that one day, while going through your credit report, you notice some new hard inquiries on your credit report and that can only mean that you’ve applied for new credit recently.
The only problem is you haven’t applied for any new credit recently.
You look back at your credit report and check the dates to confirm your suspicion.
And yeah, just like you suspected, someone has been applying for new credit under your name.
That they can access your credit report and also apply for new credit in your name shows that you’re dealing with identity thieves who have stolen your personal information and are now trying to steal money from your account.
Whether you suspect, or you are a victim of identity fraud and theft, the best thing you can do is to learn how to freeze a credit report with each credit bureau
Learning how to freeze your credit report with each of the major credit bureaus is simple.
All you need is the right information and a handful of personal documents, and you are equipped to freeze a credit report with each credit bureau.
Now to understand the “right information” and how to apply it, we’ll be looking at:
- What a Credit Report Freeze means
- How to freeze your credit report with each bureau.
- How to lift the “freeze” from a credit report?
- Drawbacks of freezing your credit reports
- Who can see your frozen credit reports?
- FAQs about Credit Freezes
What A Credit Report Freeze Means
When you freeze your credit report with each credit bureau, you limit access to your credit account.
Usually, this is done to stop the activities of fraudsters and identity thieves who may have a hold on your account.
When you freeze your credit report, you limit access to your credit report until you have lifted the freeze.
Since you can’t apply for new credit without running a credit check, you won’t be able to apply for new credit until you lift the freeze.
The good news is that your credit account is safe from the activities of hackers and scammers.
The bad news is this also means that new potential lenders can’t access your credit report during the “freeze”.
Now, while a credit file locks down access to your account, there are still some kinds of access it can’t refuse.
For example, past lenders going through your credit report.
If you are not sure whether your identity has been stolen but you still suspect malicious activity on your credit account, then you can consider freezing your credit report with each credit bureau until your suspicions are cleared.
There is no damage in trying to freeze your credit report with each credit bureau, as you can lift the freeze whenever you want.
While you cannot apply for new credit until you lift the freeze, you can still get a job, rent an apartment, etc.
When you freeze your credit report with each credit bureau, you reduce the chances of identity thieves having access to your credit account, or worse, borrowing money.
It will also help you limit the number of new inquiries on your account coming from third parties and that helps protect your credit score from dropping further
Why Freeze A Credit report?
When you want to freeze your credit report, to be safe, it is advised that you freeze your credit report with each credit bureau.
Now, before we go into that, let’s inspect reasons to freeze your credit report with each credit bureau:
- You’ve had your identity stolen
- Your information was leaked during a data breach
- Your mail was stolen
- Your information was spotted on the dark web. This is usually done by your credit monitoring service.
- Someone has stolen your credit card number.
- You find mysterious withdrawals in your bank account
- You received a mysterious notice from the IRS or other collection agencies
How To Freeze Your Credit Report With Each Credit Bureau
You should freeze your credit report with each credit bureau when you’re looking to protect your credit account.
And to do this, contact each credit bureau individually and ask them to freeze a credit report.
Now, before you can freeze a credit report with each credit bureau, present some necessary information to confirm your identity.
Mind you, the individual credit bureaus have slightly different requirements.
The following documents are what you will need to present when you want to freeze your credit report with each credit bureau:
- Date of Birth
- Home Address
- Social security number
- Driver’s license or passport
- Military ID
- Tax documents
- Bank statements
- Utility bill
Now, after providing the above documents, you can freeze credit with each credit bureau through one of the following steps:
By Phone Call
You can freeze your credit report with each credit bureau when you call the following lines.
- Experian; Call Experian at 888-397-3742 to complete the credit report freeze.
- Equifax; Call 800-349-9960 to complete the credit report freeze.
- TransUnion; Call 888-909-8872 to complete the credit report freeze
By Going Online
You can also go online and request to freeze a credit report with each credit bureau.
This is the fastest method and all you have to do is to go to each credit bureau’s website and start the process to complete a credit report freeze with each credit bureau.
Please note that the credit bureaus are legally bound to freeze a credit report as soon as possible.
For phone and online requests, the credit report freeze is supposed to become active within a business day from the date of the request.
Requests by mail are supposed to become active within 3 business days from the requested date.
How To Lift The “Freeze” From Your Credit Report
After you freeze a credit report with each credit bureau, lift the freeze, maybe temporarily for a new lender, or even more permanently.
The good news is that lifting a credit report freeze with each credit bureau is just as easy as placing the freeze.
All you have to do is:
Call the credit bureau or go to their company website and start an “unfreeze”.
You’ll be asked to present the security lock used to freeze the report. Once you provide it, the credit report will be unfrozen.
To unfreeze, a credit report should be completed within minutes if you requested the “un-freeze” either by phone or on the company’s website.
However, if you started the process to unfreeze the credit report by mail, then you might have to wait longer.
Mind you, you don’t have to unfreeze a credit report with each credit bureau at once.
If you’ve applied for new credit, you can ask the creditor which credit bureau’s report it will use, and then you can go ahead and un-freeze that report for them.
However, if you need to unfreeze a credit report with all the credit bureaus, then you’d need to contact them individually and request the freeze.
Drawbacks Of Freezing Your Credit Report
While the effects are mostly positive, when you freeze a credit report with each credit bureau, you will experience the following minor drawbacks;
- You’ll probably experience slight delays with applying for jobs, phone carrier services, and other cases where you’ll need a credit check
- A credit report freeze is only effective at preventing identity theft and fraud, meaning that it can’t help you if your account details have already been stolen and the criminals have full access to your account
- You’d need to contact each credit bureau individually to unfreeze a credit reports if you are looking to apply for new credit
- It can cause extra delays in situations where you started the credit freeze by using your mail.
Who Can See Your Frozen Credit Reports?
When you freeze your credit report with each credit bureau, your credit report becomes locked and mostly inaccessible.
However, they are some cases where your credit report can be accessed even as the “freeze” is still active.
Here are a few exceptions where your credit report can still be accessed even after the credit report freeze:
- You will still have access to your own reports and you might get annual credit reports. NerdWallet allows you to check both your credit report score while the “freeze” is still active.
- Your current creditors will still be able to check your credit report
- Marketers might reach your credit reports so they can send you loan advert offers
- Government agencies and child support can still access your frozen credit report
- You can also give access to your credit report to employers and potential employers.
- Collection agencies, auto-insurance companies, landlords, and phone carriers.
Some FAQs About Learning How To Freeze Your Credit Report
Are Credit Report Freezes Permanent?
Once you freeze your credit report with each credit bureau, it isn’t permanent and you can lift the freeze either temporarily or permanently.
If you want to lift the credit report freeze, you can either call the credit bureaus individually, visit their websites or send a request by mail.
How Much Will It Cost Me To Freeze A Credit Report With Each Credit Bureau?
It doesn’t cost you any extra money to freeze your credit report with each credit bureau.
What you need is some documents that prove your identity and you can freeze your credit report with each credit bureau.
Must I Freeze A Credit Report With Each Bureau?
It is not mandatory to freeze a credit report with each credit bureau.
However, it is advised since, unlike fraud alerts and active duty alerts, freezing a credit report with one credit bureau doesn’t automatically freeze that report with each credit bureau.
If you suspect you have been a victim of fraud and identity theft, then it is better to freeze a credit report with each credit bureau.
You can unfreeze a credit report with a particular credit bureau when you need to.
Can I Freeze My Child’s Credit Report?
You may freeze a credit report with each credit bureau for your child so long as that child is below the age of 16.
You’ll need to provide the relevant information needed to freeze a credit report along with your child’s documents like a birth certificate.
You also need to prove that you have the authority to freeze a credit report on your child’s behalf.
Will A Credit Report Freeze Reduce My Credit Score?
Freezing a credit report with each of the credit bureaus won’t reduce your credit score as it is not a direct credit activity like paying bills or applying for a new credit card.
However, if you freeze your credit report with each credit bureau, then be prepared to lift the lock anytime you apply for new credit.
Conclusion
If you suspect that you’ve been a victim of fraud and/or identity theft, then you’d want to freeze your credit report with each credit bureau until you confirm and secure your account.
Thankfully, it is completely hassle-free to freeze a credit report with each credit bureau so long as you know the right documents to provide and the right steps to follow.
Luckily, the information provided in this post makes it straightforward to freeze a credit report with each credit bureau.
Remember that a credit report freeze can’t stop criminals if they already have full access to your account and you would be better off contacting your credit bureau and filing a complaint in such cases.
