How to Freeze Your Credit in 3 Steps – The Guide to Freeze Your Credit

How to Freeze Your Credit in 3 Steps

If you don’t know anything about a credit freeze, this article will help you to find out what it is and how it can be done. Credit freeze usually helps your data be protected, especially if it is sensitive data of your credit files it should be secured. So then no one can use it without your consent. It phrases your credit reports, prevents scammers from making fraudulent accounts or accessing your as well as protects your identity.

This protection data is mainly used for checking that past information by lenders and credit issues providing credits or loans before they are sanctioning it. If someone takes the data from you, they can use it for criminal activities and get loans by using your personal details and security numbers.

At the same time, a credit check can help you to start a business or buy any furniture for your house because as we mentioned, usual money lenders or banks will check your credit score. At the same time, it is applicable when you are applying for a new credit card. If you are freezing it, your business or your bank cannot access it further. But when you have any identity theft or if you are feeling that is on the way, you can freeze your credit.

How to Freeze your Credit

You can freeze your credit by using simple steps. There are three main credit bureaus, and that is Equifax, Experian, and TransUnion respectively. Each of the toll-free numbers is also given in below,

These are unknown bureaus,

  • Innovis (866-712-4546)
  • National Consumer Telecom &Utilities Exchange (866-349-5355)

At the same time, you have to secure it with a strong password because it would help you to recover in the future.

Major Details About the Procedure:

If you know the complete pieces of information about the documents and other requirements to apply for a credit freeze is good before you start the process. You need to provide your social security number and your address along with your date of birth. At the same time, you will need a copy of your passport, driver’s license, tax documents, bank statements, utility bills, or military ID, and proof of address. Authentication questions will be there, so please make sure that you are giving the right answers and that you are remembering them.

You can recover your credit data and details once you unfreeze your credit. For that, you need to answer authentication which you can do through your phone and verification can be done even through postal mail. So freezing your credit is also important for unfreezing it.

How to Freeze Your Credit in 3 Steps

3 Procedures to Freeze Your Credit

Gathering complete information: while freezing your credit, The Bureau will take all required information with the help of your ID cards. The process was confirming the identity and using a pin to confirm it. But nowadays, the usage of pins for this confirmation, especially for Equifax and Experian, pins are not there. For bureaus like TransUnion, there is still a need for a pin and that will be needed for identity verification once you unfreeze it. So you need to remember the pin and make it so that you can recall it easily.
Completion of connecting the agency or bureau: you can send it to the agency and submit the request via postal mail.
Secure your pins and password: if you want to take any loan for personal reasons like purchasing a phone or paying bills, you can get it through the help of saving these pins and passwords. There will be authentication questions, so you have to be aware of the answers.

Difference Between Credit Freeze and Credit Lock

Credit freeze and credit lock may look alike, but it is not similar and have major differences. Credit Freeze is a chargeless service by federal law. But, Credit Lock is self-initiated by the bureaus and it is also free by the agency. The agencies like TransUnion can cost fees for it. Both of them are for the security of the identities of consumers. A credit lock is more legally protected.

Benefits of Credit Freeze

  • Some of the benefits of Credit Freeze are given below,
  • You can be free from scams or fraudulent actions
  • Protecting your identity from using it by anonymous sources or people
  • You will get a higher percentage of insurance
  • You can unfreeze the account once you needed

Conclusion

Credit Freeze is to protect the identity and details of consumers from scams and fraudulent actions. You could get help and advice from experts once you are freezing it and there are many agencies and bureaus for doing the services. And at the same time, you can unfreeze once you want to access the details. Along with that, once you freeze the credit there, you could not get personal loans or credits as per your request.

Also Read Financial Planning vs Investment Strategy: Which Is More Important for Your Financial Success?

Anna Smith
Written by

Anna Smith

Anna Smith is a blockchain expert and crypto enthusiast with over 5 years of experience in the industry. She is the author of the best-selling book "Cryptocurrency for Beginners" and a regular contributor to leading industry publications. In her free time, Anna enjoys staying up-to-date with the latest developments in the crypto world and participating in online forums and communities. She is also an avid supporter of cryptocurrency adoption and believes in the power of decentralization to shape the future of finance.

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