While the holiday season can be a great time to spend with friends and family, it’s also the time of year when identity theft is at it’s highest.
With increased spending and credit card swipes, your credit information has a higher chance of being compromised during this busy shopping season.
However, If you do find yourself on the receiving end of suspicious activity or a victim of identity theft, your first line of defense is requesting a credit freeze.
Here’s how to freeze your credit within your compromised account and protect your credit history.
What is a credit freeze?
A credit freeze, also known as a security freeze, can be placed on your credit report if your account has been compromised.
For example, if you’re a victim of identity theft or other fraudulent activity you can request to freeze your account. This will prevent you from being susceptible to further damage.
Essentially, when you freeze credit it means your credit and accounts are all frozen from any new activity.
It’s important to note that a credit freeze is only applicable for new credit accounts and transactions. Therefore, it will not protect you against suspicious activity that has already happened.
However, a credit freeze can keep identity thieves from being able to create new credit accounts in your name. Or, access any other financial information.
Remember, you are the only person who can request that a security freeze is placed on your credit report. Your credit history belongs only to you. No one else can do anything without your explicit permission.
What are the benefits of a credit freeze?
Depending on your situation, there are many reasons you may want to place a credit freeze on your account. Here are some of the main benefits.
- No new accounts can be opened in your name
- A credit freeze won’t affect your credit score
- Greater control over your credit and personal information
- A credit freeze can be lifted at any time
What does a credit freeze cost?
Your credit freeze will last until you remove it. Or, have it temporarily lifted.
Each state requires a different fee for placing a credit freeze on your account. Therefore, fees can range between $3-$10 per person per credit agency.
If you are a verified victim of identity theft or a minor, you can place a credit freeze for free.
And, you can always request a copy of your credit report for free before starting the security freeze process.
How do you request a credit freeze?
If you find that your credit report displays suspicious activity, or you’ve received fraudulent transactions on any of your accounts, here are the steps to take to request a credit freeze.
1. Gather the necessary information
In order to properly protect your credit history, you must file a security freeze with all three credit bureaus: Experian, Equifax, and TransUnion.
Each of these credit bureaus has a slightly different process for requesting a credit freeze. However, all require the same information to get started.
Before filing a credit freeze, here’s the necessary information you will need to collect.
- Your full name, including middle initial and suffix
- Social Security number
- Date of birth
- Current physical address
- Addresses you’ve lived at during the past two years
- Correct email address
- A government-issued ID, such as a driver’s license
- A copy of a utility bill, insurance or bank statement
2. Contact all three credit bureaus
The quickest ways to request a security freeze with each credit agency is to fill out your information via their secure online forms. You can also go through the process over the phone using a specific telephone number.
Here is the contact information for all three credit bureaus.
- Experian: 1-888-397-3742, or start their online questionnaire.
- Equifax: 1-800-525-6285, or via their secure website.
- TransUnion: 1-888-909-8872, or create an online account
In order to start the security freeze process with each credit bureau, you’ll need to answer questions related to your personal and financial information. So keep those documents handy.
3. Keep good records
Filing a credit freeze can be a bit of hassle. It usually takes some time to process the freeze onto your account. And, you will have to put in a request to have it lifted at a later date.
That’s why it’s so important to keep good records throughout the process. Take notes and make copies of all the conversations and paperwork you file with each credit bureau.
You will ultimately need all of this information on-hand in the future. Especially if you file a police report against the identity thief.
4. Sign up for credit alerts
Monitor your credit report closely to ensure no other suspicious activity occurs.
Consider signing up for free credit alerts via email or text message so you’ll be immediately informed of any unauthorized transactions that may try to post.
What happens after you freeze credit?
It’s important to remember that a credit freeze only works on new activity. It will not be able to fix past fraudulent transactions.
In addition to the three main credit agencies, it’s also a good idea to reach out to each financial institution that you do business with. Alert them to the fact that your identity has been stolen and discuss what steps you may need to take.
You’ll also have to work with each of your lenders to get the suspicious charges reversed. Or, to close new accounts that were opened in your name.
Ultimately, putting a security freeze on your credit report can provide you with the peace of mind you need to protect your financial security.
At the end of the day, a credit freeze is a strong line of defense you can muster quickly to remedy suspicious credit activity and overcome identity theft. Without letting it ruin your holidays.
Interested in refinancing student loans?Here are the top 6 lenders of 2019!
|Lender||Variable APR||Eligible Degrees|
|Check out the testimonials and our in-depth reviews!
1 Important Disclosures for SoFi.
2 Important Disclosures for Earnest.
To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application.
Earnest fixed rate loan rates range from 3.89% APR (with Auto Pay) to 7.89% APR (with Auto Pay). Variable rate loan rates range from 2.54% APR (with Auto Pay) to 7.27% APR (with Auto Pay). For variable rate loans, although the interest rate will vary after you are approved, the interest rate will never exceed 8.95% for loan terms 10 years or less. For loan terms of 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95% (the maximum rates for these loans). Earnest variable interest rate loans are based on a publicly available index, the one month London Interbank Offered Rate (LIBOR). Your rate will be calculated each month by adding a margin between 1.82% and 5.50% to the one month LIBOR. The rate will not increase more than once per month. Earnest rate ranges are current as of March 18, 2019, and are subject to change based on market conditions and borrower eligibility.
Auto Pay discount: If you make monthly principal and interest payments by an automatic, monthly deduction from a savings or checking account, your rate will be reduced by one quarter of one percent (0.25%) for so long as you continue to make automatic, electronic monthly payments. This benefit is suspended during periods of deferment and forbearance.
The information provided on this page is updated as of 0318/2019. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 302 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of-service, email us at email@example.com, or call 888-601-2801 for more information on ourstudent loan refinance product.
© 2018 Earnest LLC. All rights reserved. Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by or agencies of the United States of America.
3 Important Disclosures for Laurel Road.
Laurel Road Disclosures
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the fixed rate will decrease by 0.25%, and will increase back up to the regular fixed interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
However, if the borrower chooses to make monthly payments automatically by electronic funds transfer (EFT) from a bank account, the variable rate will decrease by 0.25%, and will increase back up to the regular variable interest rate described in the preceding paragraph if the borrower stops making (or we stop accepting) monthly payments automatically by EFT from the designated borrower’s bank account.
4 Important Disclosures for LendKey.
Refinancing via LendKey.com is only available for applicants with qualified private education loans from an eligible institution. Loans that were used for exam preparation classes, including, but not limited to, loans for LSAT, MCAT, GMAT, and GRE preparation, are not eligible for refinancing with a lender via LendKey.com. If you currently have any of these exam preparation loans, you should not include them in an application to refinance your student loans on this website. Applicants must be either U.S. citizens or Permanent Residents in an eligible state to qualify for a loan. Certain membership requirements (including the opening of a share account and any applicable association fees in connection with membership) may apply in the event that an applicant wishes to accept a loan offer from a credit union lender. Lenders participating on LendKey.com reserve the right to modify or discontinue the products, terms, and benefits offered on this website at any time without notice. LendKey Technologies, Inc. is not affiliated with, nor does it endorse, any educational institution.
5 Important Disclosures for CommonBond.
Offered terms are subject to change. Loans are offered by CommonBond Lending, LLC (NMLS # 1175900). If you are approved for a loan, the interest rate offered will depend on your credit profile, your application, the loan term selected and will be within the ranges of rates shown.
All Annual Percentage Rates (APRs) displayed assume borrowers enroll in auto pay and account for the 0.25% reduction in interest rate. All variable rates are based on a 1-month LIBOR assumption of 2.5% effective February 10, 2019.
6 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
|2.54% – 7.12%3||Undergrad & Graduate|
|2.54% – 7.27%1||Undergrad & Graduate|
|2.67% – 8.96%4||Undergrad & Graduate|
|3.23% – 6.65%2||Undergrad & Graduate|
|2.69% – 7.43%5||Undergrad & Graduate|
|2.98% – 9.72%6||Undergrad & Graduate|