Freezing Credit Reports with Credit Bureaus

Breaking News: Freezing Credit Reports to Prevent Identity Theft

(Urgent Update: Effective 23rd September 2022) Effective immediately, all three major US credit bureaus, Equifax, Experian, and TransUnion, allow consumers to freeze their credit reports for a lifetime or up to seven years at a time. This mandatory rule change aims to prevent fraudulent activity and identity theft.

Key Updates:

1. Freezes apply to all credit reports, not just individual reports. This broad protection ensures that all publicly accessible information, including credit lines, debts, and public records, remain private.
2. No one can access your credit report with a freeze in place, aside from authorized parties, such as lenders to whom you’ve applied for a financial product or service.
3. All inquiries will be blocked, giving potential fraudsters no clear entry point to your credit identity.

Freezing Your Credit Report for Dummies:

1. Check costs: There may be a small freeze fee in your state, which some bureaus may waive.
2. Gather documents: Identity proof, such as a photocopy of your driver’s license, might be required.
3. Submit proof of identity: Send authenticated ID copies to the credit agencies (or use online or mobile services).
4. Activate your freeze: Confirm freezing at all three bureaus in 3-5 business days, as the process may take approximately this long.

Why Freeze Now:

1. Protect your vital info: Credit reports might reveal your income, employment data, social security number, and birth date, making them an attractive target.
2. Thwart future cyber threats: With advanced attacks, like phishing and account hijacking, becoming more brazen, this added layer secures your financial life.
3. Get notified: Receive fraud alerts directly to your phone or other notification devices for prompt action to verify the legitimacy of transactions in real-time.

How to Freeze & Thaw Your Credit Report by the Numbers:

1. Methods:
   • Online form fill-out
   • Phone interaction (by state-specific phone)
   • Written mail (snail-pause delivery)
2. Service Fee: $3-18 for the initial freeze report submission, and $25 to $35 for subsequent annual re-frozen reports maintenance

Additional Tips:

1. Prioritize: Freeze on top of your credit cards! A strong credit score lies on your ability to pay bills on the exact date, and a hard pull from your credit report at some point in the new loan’s history.
2. Multi-task: Freeze only a few times, rather than frequently, to avoid prolonged identity protection and potential data compromise.

Freezing Credit Reports’ Step-by-Step Guide:

Get immediate action to secure your financial present:

Freeze Process: Credit Bureaus Step-By-Step Guide by Experian, Equifax

How to Freeze Your Experian Credit Report

How to Freeze Your Equifax Credit Report

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