The Truth About Freezing Your Credit

On August 17, 2021, T-Mobile learned of a massive data breach.  Do incidents like this make you wonder what you can do to protect your credit? Perhaps freezing your credit is an option. Read further to find out how.

The Big Freeze

A credit freeze can protect you from identity theft or prevent further misuse of your personal information, if it was stolen or compromised.  According to the Federal Trade Commission, anyone can freeze their credit report, even if their identity has not been stolen.  

How Credit Freezes Work

A credit freeze can benefit you because it restricts access to your credit report.  What does this mean? This means you or someone else won’t be able to open a new credit account while the freeze is in place.  But, you can temporarily lift the credit freeze if you need to apply for a new line of credit.

While the credit freeze is in place, you can still :

  • Apply for employment
  • Buy insurance
  • Rent an apartment

It’s worth noting that a credit freeze remains in place until you lift it. And, in order to put a credit freeze in place, you must contact each of the three major financial reporting companies, EquifaxExperian and Trans Union

Preventive Measures

Credit freezes are a fast and convenient way to ensure that you know about your credit. Comment about credit freezes in the section below. 

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