I pondered freezing my credit cards for weeks before doing so. As a personal finance editor who covers identity theft, I knew that doing so would make it harder for cybercriminals to open new credit card accounts in my name, but it would also make it harder for me.
When you freeze your credit, you have to manually unfreeze (thaw) it every time you apply for a new credit card, car loan, or mortgage.
The process of freezing your credit isn’t that simple either: You have to register separate accounts with the three major U.S. credit reporting agencies, Equifax, TransUnion and Experian, and then manually place a credit freeze online, over the phone or by mail.
But I decided to go for it because of two benefits: first, freezing your credit is completely free, and second, the peace of mind that comes from knowing you’ve neutralized one of identity thieves’ primary methods.
aura
CNET’s Best Identity Theft Protection Service
Lock down your credits and protect your sensitive data.
Why I froze my credit report
Data breaches happen more often than you think, and your data has likely been breached at least once. This year alone, Ticketmaster and AT&T reported data breaches that affected millions of customers. According to a new lawsuit, the personal data of 2.9 billion people may have also been compromised due to an alleged hack of background check company National Public Data.
Lately, I’ve noticed an increase in the number of scam messages arriving on my phone and in my email inbox. While most are easy to spot, some have been pretty thoroughly researched.
The messages ranged from invitations to go out for ribs to offers for a new job. I was inundated with messages, calls, and emails, and it felt like I could fall victim to an identity theft scam at any time — whenever I was distracted or had to rush back to my desk for the next meeting.
Freezing your credit is one of the best ways to protect your data and money, but it’s not a silver bullet: scammers and identity thieves can still access my personal information through existing accounts. But it can limit the damage they can do.
read more: 5 signs your personal information is on the dark web – and what you can do about it
How to freeze your credit with TransUnion, Equifax, and Experian
To freeze your credit, you’ll need to go through each of the three major credit reporting agencies. To do so, you’ll need to set up an account with each one. The process takes about 30 minutes online. You’ll usually be asked for the same information: your name, date of birth, and the last four digits of your Social Security number. You’ll then need to complete two-factor authentication via text or email.
TransUnion and Equifax have a dedicated tab on their dashboard for freezing your credit after you create an account, and I was all set with just a few clicks.
Experian made this option a little hard to find, so after some clicking around I found two ways to activate the free security freeze:
Hover over “Credit” on the dashboard and click on “Experian Credit Lock.” This is a paid service from Experian that works similarly to a credit freeze, but with the ability to instantly lock your credit report, among other features. On this page you’ll see a free “security freeze” option.
Screenshot: Danni Santana/CNET
You can also access the same page by scrolling to the bottom of the page while signed in and clicking on “Experian Credit Lock.” All three credit bureaus will confirm your credit freeze via email.
If you don’t want to set up an online account, you can freeze your credit by calling each of the credit bureaus. Here are their numbers:
- TransUnion – 800-916-8800
- Equifax – (888) 298-0045
- Experian – 888-397-3742
When you request a credit freeze, each credit bureau must place the credit freeze within one business day. If you need to lift the credit freeze, Experian, TransUnion, and Equifax must lift the credit freeze within one hour. If you request a credit freeze by mail, it may take up to three business days to freeze and lift your credit freeze.
Freezing your credit won’t solve all your identity theft concerns
Setting up a credit freeze is easy. However, that doesn’t mean a credit freeze is always convenient. There are some drawbacks to consider.
You must lift your credit freeze every time you open a new account
If you’re thinking about applying for a new credit card, looking for your first home, or taking out a new car loan, it’s probably best to wait until you’ve opened an account before freezing your credit.
Freezing your credit prevents cybercriminals and identity thieves from opening new credit accounts in your name. But it also freezes you. To open a new credit account, you’ll need to temporarily lift the freeze on your credit by logging into your account or by contacting each of the three credit bureaus.
False Sense of Security
Freezing your credit is a good step to protect your personal information, but it can still be stolen.
You might also consider signing up for an identity theft protection service. Individual plans typically cost between $7 and $15, depending on the level of financial and personal information monitoring you want. Identity theft protection plans can monitor your credit, bank accounts, and the dark web for personally identifiable data (PII) about you or your family members.
Or you can take advantage of free tools available to you: Check your monthly credit card and bank statements. Also, check your medical billing history online and on your credit report. You can download a free credit report from AnnualCreditReport.com.
aura
CNET’s Best Identity Theft Service
Freeze your credit and protect your sensitive data.
The spam messages never stop
Unfortunately, if scammers have your phone number or email address, there’s nothing to stop them from trying to steal money from your existing accounts.
Whenever you receive a suspicious message, we recommend blocking any phone numbers or email addresses from senders you don’t recognize, and taking a moment to carefully read the message before clicking any links.
There is no end to new credit opportunities
Freezing your credit does not stop you from receiving spam or pre-qualified offers. The reason for freezing your credit is to prevent hard inquiries on your credit, such as rental applications or student loan applications. You may still receive offers from credit card companies, insurance companies, etc.
Your credit report may also be accessible to financial institutions and debt collectors you already do business with, and under special circumstances, to federal, state, and local government agencies.
The good news is that credit monitoring companies like Credit Karma and Credit Sesame can provide you with an up-to-date credit score.
Proper password management is still necessary
Even if your credit is frozen, you should still take good care of your passwords and avoid using the same login details across multiple sites, as this is a common tactic used by cybercriminals.
If keeping track of your passwords becomes too much of a hassle, consider a paid password manager.
Your bank details are not protected
Even if you freeze your credit, it’s still your responsibility to protect your bank account information from scammers.
If you accidentally provided a cybercriminal with your account number or login details, contact your bank immediately and change your password.
In the end, I’m glad I froze my credit.
There are pros and cons to freezing your credit, but since I don’t plan on opening any new accounts anytime soon, it was worth it for me. I also feel a lot more secure after freezing my credit, and I’m happy to know I’ve thwarted the cybercriminals’ plans.
Sure, I get spam messages all the time, but I have no problem being the gatekeeper of my financial accounts, and I make it a habit to regularly check my bank and credit card statements.
