Experian credit freeze5/18/2023 ![]() Without you authorizing the credit bureau to lift the freeze with your unique PIN or password, lenders can’t access your file or open new credit. When you set up a credit freeze you are assigned a unique PIN, or set up with an account with a unique password to your credit file. That’s because lenders, retailers, utilities and other businesses need access to a credit report to review and approve new credit, loans, and financial services. Placing a security freeze on your credit file means an identity thief, even one who has your name, address, Social Security number, birth date and more, will not be able to get new loans and credit in your name. Some use a credit freeze to help control their spending and prevent themselves from using credit impulsively for new purchases. Security against fraud is the most common reason for applying a freeze, but it’s not the only one. Information stolen included names and Social Security numbers – exactly the kind of details criminals need to open new lines of credit in your name. In the Equifax leak, the data of 150 million users were obtained after a cyberheist on the company’s servers. The idea of a credit freeze to protect against fraud has been around for a while but became more mainstream after reports of the massive Equifax data breach in 2017. Why apply a credit freeze?Īpplying a credit freeze can stop anyone else taking out credit agreements in your name. In this article, we will look at the main reasons for freezing your credit file, how to apply a freeze with each of the three US credit agencies, the different laws for applying a credit freeze, and when and how to unfreeze your credit report. ![]() With concerns about data privacy and the increasing threat of hackers targeting sensitive financial information, it’s more important to use security tools such as a credit freeze than ever before. Freezing your credit report makes it hard for fraudsters to take out loans or other finance in your name. ![]()
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