As data breaches have piled up, more consumers are taking advantage of the credit freeze as one of the best ways to prevent identity theft.
When you freeze your credit reports, lenders cannot check them in response to an application for a new credit card or loan, blocking criminals from opening credit accounts in your name. You can place and lift a freeze for free with each major credit bureau — Equifax, Experian and TransUnion.
Like most any other interaction with the credit bureaus, however, freezing and thawing your credit reports may come with complications. Use these tips to smooth the process:
Beware identification problems
When you attempt to place or lift a freeze, the bureaus will match the identifying information that you provide with data in your credit report. If anything is amiss, the freeze request may not go through. A recent change in your address, for example, could cause verification issues.
If you run into difficulties when you request a freeze online or through an automated phone system, try to reach a live human on the phone who may be able to work out the problem on the spot. Otherwise, you may have to mail in copies of identifying documents, such as a driver’s license and utility bill, before the bureau will proceed with a freeze request.
Hang on to your PINs and passwords
Depending on the bureau, you may have to provide a PIN or password to unfreeze your report. Equifax and TransUnion allow consumers to create password-protected online accounts through which they can manage freezes. With Experian, you’ll have to provide a PIN that you receive when you first freeze your report; the same is true if you unfreeze your TransUnion report over the phone. Equifax allows you to unfreeze your report over the phone by providing certain identifying information and submitting a one-time PIN that you receive by text message or by answering security questions.
Keep your PINs and passwords in a safe place at home
If you lose your Equifax or TransUnion online account password, you can enter some personal information to verify your identity and go through steps to reset the password. Through your TransUnion online account, you can reset your PIN to use on the phone, too. If you forget your Experian PIN, you can obtain it by going to www.experian.com/freeze and providing identifying information.
Leave some extra time
If you ask for a freeze online or over the phone, the credit bureau must place it within one business day. For online or phone requests to temporarily lift or permanently remove a freeze, the bureaus must act within one hour. But if you run into any identity or security problems, you may need extra time to contact the bureaus or mail documents to them before the freeze is placed or lifted. If you want to lift a freeze to get a credit card or loan, consider requesting it a couple of weeks before you apply.
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(Lisa Gerstner is a contributing editor to Kiplinger’s Personal Finance magazine. For more on this and similar money topics, visit Kiplinger.com.)
(c) 2020 KIPLINGER’S PERSONAL FINANCE; DISTRIBUTED BY TRIBUNE CONTENT AGENCY, LLC.
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