Should You Freeze Your Credit?

When Your Credit Is Frozen, No One Can Take Out A Credit Card Or Mortgage In Your Name.

When security breaches are as widespread as the Omicron variant, it's a good idea to put your credit on ice while you aren't actively opening new credit accounts.

When your credit is frozen, no one—including you—can take out a credit card or mortgage in your name, which can help prevent fraud from slipping through the cracks. You may continue to use the credit that has been extended to you without problem.

The process of freezing your credit may be time-consuming and requires interacting with at least three aggravating customer service bots, but it is well worth the effort.  Contact each of the major credit bureaus—TransUnion, Experian, and Equifax—by phone or on their websites to place freezes on your account with each of them. Don't be alarmed if you see an error when attempting to do this on the internet; by phone might be a better option. You'll have to provide some critical information, such as your Social Security number, before confirming your freeze—that's completely normal.

Before the next time someone requests your credit report, follow the same steps to unfreeze it. You can instruct the agencies to remove the freeze only for a day or month, for example, before returning your credit score into a deep freeze.

Your credit score would not be affected by freezing your credit, so you should still sign up for credit monitoring and check your credit reports once a year—neither of which will have any impact on your score.

Loading comments...
You've successfully subscribed to MarketCents
Great! Next, complete checkout to get full access to all premium content.
Error! Could not sign up. invalid link.
Welcome back! You've successfully signed in.
Error! Could not sign in. Please try again.
Success! Your account is fully activated, you now have access to all content.
Error! Stripe checkout failed.
Success! Your billing info is updated.
Error! Billing info update failed.