Credit freeze: Were you a victim of identity theft?

Credit freeze: Were you a victim of identity theft?

Were you a victim of identity theft? The most powerful way of defending yourself is by a credit freeze. Keep reading and discover the pros and cons of freezing your credit and debit cards.

Were you a victim of identity theft? The most powerful way of defending yourself is by a credit freeze. Keep reading and discover the pros and cons of freezing your credit and debit cards.

Credit freezes, also known as security freezes, are a way for victims of identity theft or compromised financial information to protect their accounts against fraud.

A credit freeze locks your credit report until you approve its release—making it harder for identity thieves to open new credit accounts in your name. If you’ve frozen your credit, new creditors can’t look at your credit report without your permission. 

A credit freeze locks your credit report until you approve its release

A freeze doesn’t affect your credit score or prevent you from accessing your own credit report. Your accounts remain open, so it’s a good idea to keep monitoring your bank and credit accounts for signs of fraud.

The pros are that: it won't generate any cost to you, it won’t affect your credit score, it won’t prevent you from obtaining your free annual credit report and won’t impact your current credit accounts

A freeze doesn’t affect your credit score or prevent you from accessing your own credit report.


The cons are that: There is no guarantee it stops credit or identity fraud, you’ll need to keep track of your PINs, existing accounts aren’t protected and you’ll have to remember to lift the freeze.

If you want to protect your credit but don’t want to place a freeze, you can issue a fraud alert for free instead. A fraud alert doesn’t prevent creditors from accessing your credit report, but it requires them to verify your identity before issuing credit.

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