What To Know About Credit Freezes and Fraud Alerts (2024)

FAQs

What To Know About Credit Freezes and Fraud Alerts? ›

Quick Answer

A freeze can give you a false sense of security — you may still be susceptible to credit fraud or other fraud involving your Social Security number. A credit freeze won't affect your current accounts, but if a thief steals the information on an existing account, your credit may be used without your permission.

To remove your fraud alert or active duty alert prior to expiration, please call (888) 836-6351, from 8 a.m. to midnight ET, 7 days a week. For your protection, you'll need to provide copies of certain documents to verify your identity.

It's also worth noting that placing a credit freeze won't affect your ability to build credit with your existing accounts and that paying all your bills on time is still important.

Credit freezes and fraud alerts can protect you from identity theft or prevent further misuse of your personal information if it was stolen.

A freeze doesn't affect your credit score or prevent you from accessing your own credit report. Your accounts remain open, so it's a good idea to keep monitoring your bank and credit accounts for signs of fraud.

There's no time limit on credit freezes. Once you freeze your credit reports, they can remain frozen until you unfreeze them. However, when you request a thaw, you can either request a permanent or temporary thaw. With a temporary thaw, your reports will be automatically refrozen on the day you choose.

A fraud alert requires creditors, who check your credit report, to take steps to verify your identity before they open a new account, issue an additional card, or increase the credit limit on an existing account based on a consumer's request.

You only need to contact one of the three nationwide credit reporting agencies (NCRAs)—Equifax^®, Experian^® or TransUnion^®—to place a fraud alert. Then the NCRA will forward your fraud alert request to the other two.

You will still be able to apply for credit with a fraud alert. A fraud alert does not prevent you from applying for or obtaining credit. Anyone who views your credit report will just be notified to take extra precautions to verify it's really you applying for credit.

Can someone check your credit if it is frozen? ›

If someone needs to check your credit—for instance, if you're buying a car and want to get an auto loan—you must personally lift the credit freeze and give permission for the creditor to see your credit report.

With a security freeze, your credit reports cannot be accessed (with some exceptions) to open new credit unless you temporarily lift or permanently remove the credit freeze.

The quickest and easiest way to unfreeze your credit report is to contact the credit bureau (or bureaus) you used to freeze your credit either online or by phone. But you also have the option to contact them by mail.

You also can lock your SSN by visiting the Department of Homeland Security's myE-Verify website. Activating the site's Self Lock feature can stop someone from using your SSN for employment fraud. Keep in mind that you're not able to "freeze" your SSN, meaning that it can't be used at all.

The three major credit reporting bureaus — Equifax, Experian and TransUnion —sometimes promote their credit lock services. However, there are key differences between the two services. Credit locks can carry a monthly fee, while credit freeze options are free.

FACT: If you don't know your credit score and are not keeping up with your credit report routinely, you're the ideal victim to an identity thief.

The three major credit reporting bureaus — Equifax, Experian and TransUnion —sometimes promote their credit lock services. However, there are key differences between the two services. Credit locks can carry a monthly fee, while credit freeze options are free.

A fraud alert simply requires that creditors verify identity before opening new credit. A credit freeze cuts off access to your credit reports unless you lift the freeze, which makes it unlikely new credit accounts can be opened in your name without your consent. Fraud alerts and credit freezes are free.

Although an agreed payment holiday is not recorded as a missed payment, it will usually appear on your credit report and this could affect your credit score.

How to unfreeze your credit report. The quickest and easiest way to unfreeze your credit report is to contact the credit bureau (or bureaus) you used to freeze your credit either online or by phone. But you also have the option to contact them by mail.