(ABC 6 News) – Worried about identity theft? Freezing your credit might be the answer!

Every day we hear of data breaches putting thousands or more people at risk for identity theft.
The more companies that have your name, address, birthdate, and social security number, the
bigger the risk.

Millions have had their sensitive data, including Social Security Numbers, birthdates, and
addresses, exposed on the Dark Web. This information can easily fall into the wrong hands and
be used to open fraudulent accounts in your name. So, what can you do to protect yourself?
One effective strategy is freezing your credit. You may have heard about ‘freezing your credit”
and not have any idea of the pros and cons or what it actually means.

This should help answer some of those questions.

What is a Credit Freeze?

A credit freeze, also known as a security freeze, is a measure that restricts access to your credit
report. When a freeze is in place, no one can open a new credit account, loan, or other financial
service using your information. This is a crucial step in preventing identity theft because identity
thieves often need to access your credit report to open fraudulent accounts.

One common misconception is that by freezing your credit you can no longer use your credit
cards. This is not true. CREDIT CARDS ALREADY ACTIVE CAN BE USED WITH NO
PROBLEMS.

How to Freeze Your Credit

Freezing your credit is a relatively simple process. You’ll need to contact each of the three major
credit bureaus individually:

● Equifax: Visit their website or contact them directly.
● Experian: Similarly, go to their website or get in touch with them.
● TransUnion: Reach out to them online or by phone.

You’ll likely need to create an account with each bureau. Their websites may also offer
additional services, such as monitoring your online presence and removing your information
from certain sites, sometimes for a fee.

Freezing your credit does not cost anything.

The Pros of Freezing Your Credit

● Enhanced Security: The most significant advantage of freezing your credit is the added
layer of security. It makes it significantly harder for identity thieves to open accounts in
your name.
● Peace of Mind: Knowing that your credit is frozen can provide peace of mind in an era
of rampant data breaches.
● No Cost: Freezing and unfreezing your credit is now free in all U.S. states.

The Cons and Considerations

● Temporary Inconvenience: When you need to apply for new credit, a loan, or any other
service that requires a credit check, you’ll need to temporarily “thaw” or unfreeze your
credit. This involves contacting each bureau again and using a PIN code you received
when you froze your credit.
● Remembering PINs: Those PIN codes are important! If you lose or forget them, you’ll
have to go through additional steps to unfreeze your credit. So, store those PINs in a
safe and secure place.
● Not a Catch-All: A credit freeze doesn’t protect you from all types of identity theft. For
example, it won’t prevent someone from stealing your existing credit card information or
filing a fraudulent tax return in your name.

Who Should Consider Freezing Their Credit?

Anyone concerned about identity theft can benefit from freezing their credit. However, it’s
especially important if:

● You’ve been a victim of identity theft in the past.
● Your personal information has been exposed in a data breach.
● You simply want to take proactive steps to protect yourself.
● You have children; you might want to freeze their credit as well.

Freezing your credit is a powerful tool in the fight against identity theft. While it might require a
few extra steps when you need to apply for credit, the added security and peace of mind are
well worth it. In an age where our personal information is constantly under threat, taking
proactive measures like freezing your credit can make a big difference in protecting your
financial well-being.