![]() Knowing how to put a freeze on your credit is vital to keep identity thieves from ruining it. ![]() Your Social Security card was lost or stolen. Your information was compromised in a data breach. ![]() You receive a medical or insurance bill you don’t recognize. You notice unusual activity or new accounts on your credit report. Freezing your credit would be a good idea if: Why do I need a security freeze?Ī security freeze stops creditors from accessing your credit file for a time range of three months to one year. You now have a right to request a credit freeze for up to one year - for free. The Federal Trade Commission (FTC) has passed a federal law to protect you from this issue. Creditors accessing your file can be a good thing if you’re applying for a home mortgage, but it can be trouble if someone is using your identity to apply for a credit card. What is a credit freeze?Ī credit freeze (also known as a security freeze) stops creditors from accessing your credit file. Fortunately, a recent federal law gives you more freedom to protect yourself (and your money) by requesting a credit freeze if something seems amiss. The FBI reports that more than 350,000 complaints of fraud, including identity and personal data breaches, were filed in 2018. Even landlords and auto insurers may check your credit, so protecting your FICO score is a smart choice. Financial institutions review your credit history to decide on whether to approve a credit card or a mortgage application. Credit affects so many aspects of our lives.
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