What It Means
A credit freeze (also called a security freeze) locks your credit report so that potential creditors cannot access it. This prevents identity thieves from opening new accounts in your name since most lenders require a credit check before approving new credit. You can freeze and unfreeze your credit for free at each of the three major bureaus (Equifax, Experian, TransUnion). A credit freeze does not affect your credit score, existing accounts, or your ability to check your own credit. When you need to apply for credit, you can temporarily lift the freeze using a PIN or password. Since the 2018 Economic Growth Act, credit freezes are free for all U.S. consumers.
Frequently Asked Questions
Does a credit freeze affect your credit score?
No. A credit freeze has absolutely no impact on your credit score. It simply restricts who can view your credit report.
How do you freeze your credit?
Contact each of the three bureaus individually - Equifax, Experian, and TransUnion - through their websites, by phone, or by mail. The process is free and typically takes effect within one business day.