![]() ![]() Though, it also lets potential employers review your credit report without you lifting the freeze. In New York, for example, they must lift the freeze within 15 minutes.Ī credit lock service already offered by Equifax as part of a credit monitoring package works a similar way. The agency must comply within three business days, but some states have stricter time frames. Usually, you'll be asked to provide some personal information including a security freeze PIN that you were given when you set up the freeze. ![]() You can do this over the phone or online. When you do want to apply for a loan, open a new credit card, or enter a new cell phone plan, you'll have to contact the credit agency to lift a freeze. Related: What's a credit freeze and should you do it? It also doesn't stop companies from sending you pre-approved offers, unless you opt out. (This is the fee Equifax waived until the end of January.)Ī freeze doesn't affect your credit score, and it doesn't keep your existing credit card company or mortgage lender from updating your report. In some states it's free, but fees typically range from $2 to $10. State laws set a limit on how much a credit agency can charge for placing and lifting the freeze. In 2007, all three agencies started to voluntarily offer freezes to consumers everywhere.īut they "fought for years against our right to freeze our credit reports," Litt said. States started to give consumers the right to request credit freezes in 2003 and now most have a law on the books. He maintains that putting a freeze on your credit at all three agencies - Equifax, Experian and TransUnion - is the best way to protect yourself from identity theft. ![]() "Why not make the freeze free when that already exists," he said. "We are still trying to figure out why they are pushing a new thing they call a lock," said Mike Litt, Consumer Advocate at U.S. In both cases, you'll have to "unfreeze" or "unlock" your report temporarily if you want to open a new line of credit yourself. Locks usually work in a similar way to credit freezes, which also prevent anyone from opening an account in your name. ![]()
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