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credit freeze

Q&A: Credit freezes

July 11, 2022 By Liz Weston

Dear Liz: You recently suggested a credit freeze. I agree that’s a good idea, and probably the only good way, to try to protect your credit.

But I’ve tried to periodically unfreeze my credit reports and that rarely goes well. The banks won’t tell you which credit bureau or bureaus they use to check your credit, so you have to temporarily thaw your reports at all three. This weekend, only one bureau worked well. At another, I was able to sign on but got a message the site was temporarily unable to access my information. The third didn’t recognize any of my possible usernames, so I tried my Social Security number and date of birth, which it also didn’t recognize. I’m SURE I don’t have those wrong, so I’d say part or all of their database is offline. More than likely I’ll be able to sort this out on a weekday when the bureaus staff their phones, but so far, I’ve worked on unfreezing my credit for two days and only one of the three services responded correctly.

Answer: Freezing and thawing your credit reports is certainly easier and faster than it used to be — plus, these services are now free by federal law. But as you’ve learned, you need to keep careful track of the credentials associated with your accounts at each credit bureau, including any login IDs, passwords and personal identification numbers.

You can write this information down and keep it in a secure location, but also consider using a password manager. These secure software programs allow you to create unique credentials for each site you visit. Given the prevalence of database breaches, it’s essential that you don’t reuse usernames and passwords. The programs also can help you change your passwords regularly, which is also important in keeping your information secure.

Filed Under: Credit & Debt, Q&A Tagged With: credit freeze, q&a

Q&A: How to freeze your credit

January 4, 2021 By Liz Weston

Dear Liz: A few months ago you mentioned creating credit freezes that can be simply turned on and off at the customer’s convenience at no cost. However, you didn’t leave a website or an avenue to pursue a credit freeze with all three credit bureaus. Please provide more information on the steps in this process to achieve a credit freeze. It sounds like something I would like to try.

Answer: A credit freeze restricts access to your credit report and can be a good way to deter new account fraud. If someone tries to open a new account in your name, the lender won’t be able to pull your credit and thus is unlikely to approve the application.

Credit freezes do not affect your ability to use your credit cards or other credit accounts. You can temporarily thaw or lift the freeze any time you want to apply for credit. Placing, lifting and removing credit freezes is now free.

Experian’s credit freeze center can be found at https://www.experian.com/freeze/center.html.

Equifax’s is at https://www.equifax.com/personal/credit-report-services/credit-freeze/.

You’ll find TransUnion’s version at https://www.transunion.com/credit-freeze.

Just be sure to follow the instructions carefully and keep track of any personal identification numbers or passwords.

Filed Under: Credit & Debt, Q&A Tagged With: credit freeze, q&a

Wednesday’s need-to-know money news

April 1, 2020 By Liz Weston

Today’s top story: What to do when your Coronavirus stockpile runs low. Also in the news: How expanded Coronavirus unemployment benefits work, buy a car at a safe distance with a No-Touch deal, and how to lift or cancel a credit freeze.

What to Do When Your Coronavirus Stockpile Runs Low
Shopping strategically.

How Expanded Coronavirus Unemployment Benefits Work
Understanding the CARES Act.

Buy a Car at a Safe Distance With a ‘No-Touch’ Deal
Car buying moves online.

How to Lift or Cancel a Credit Freeze
Thawing your credit.

Filed Under: Liz's Blog Tagged With: car shopping, CARES Act, Coronavirus, credit freeze, shopping, stockpile, tips, unemployment benefits

Wednesday’s need-to-know money news

January 30, 2019 By Liz Weston

Today’s top story: This winter, your credit should freeze, too. Also in the news: 5 keys to picture-perfect TV buying, when to hire someone to do your taxes, and 5 things consumers should watch out for now that the Fed hasn’t raised rates.

This Winter, Your Credit Should Freeze, Too
Protecting your personal info.

5 Keys to Picture-Perfect TV Buying
Just in time for the Big Game.

When to Hire Someone to Do Your Taxes
When Turbo Tax isn’t enough.

5 things consumers should watch for now that the Fed has NOT raised rates
Bad news for savers.

Filed Under: Liz's Blog Tagged With: consumers, Credit, credit freeze, Fed, interest rates, Taxes, television shopping

Friday’s need-to-know money news

January 25, 2019 By Liz Weston

Today’s top story: This winter, your credit should freeze, too. Also in the news: Nerd100 – Celebrating the best-of-the-best personal finance products, the best student loan refinance companies, and finding hospital price lists.

This Winter, Your Credit Should Freeze, Too
Surviving the credit breaches.

Nerd100: Celebrating the Best-of-the-Best Personal Finance Products
See who made the list.

Best Student Loan Refinance Companies
The results are in.

Hospitals must list prices online — now all you have to do is find them
They don’t make it easy.

Filed Under: Liz's Blog Tagged With: best personal finance products, Credit, credit freeze, data breach, hospital prices, Nerd100, student loan refinance companies

Q&A: Credit freeze may be inconvenient, but it’s effective

July 9, 2018 By Liz Weston

Dear Liz: Is freezing one’s credit reports the safest bet even though it’s inconvenient to get it temporarily unfrozen? Plus you have to pay a fee. At my son’s urging, I had my credit reports frozen since the Equifax incident but I find it very inconvenient whenever some financial firms need to look into my credit score.

Answer: Credit freezes remain the best way to prevent new account fraud, which is when criminals open up bogus credit accounts in your name.

It is somewhat inconvenient to have to remember to thaw the freezes when you apply for credit or other services, and you have to keep track of the personal identification numbers (PINs) that allow you to do so.

The good news is that the fees for instituting and thawing freezes will go away as of Sept. 21. The Dodd-Frank reform that Congress passed this spring included a clause requiring credit bureaus to waive those fees.

Filed Under: Credit & Debt, Identity Theft, Q&A Tagged With: Credit Cards, credit freeze, Identity Theft, q&a

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