What’s the difference between a credit freeze and a fraud alert?Ī credit freeze locks down your credit. The cost to lift a freeze varies by state ($0 to $20.) If you opt for a temporary lift because you are applying for credit or a job, and you can find out which credit reporting company the business will contact for your file, you can save some money by lifting the freeze only at that particular company. A credit reporting company must lift a freeze no later than three business days after getting your request. How do I lift a freeze?Ī freeze remains in place until you ask the credit reporting company to temporarily lift it or remove it altogether. You will need it if you choose to lift the freeze. Keep the PIN or password in a safe place. After receiving your freeze request, each credit reporting company will send you a confirmation letter containing a unique PIN (personal identification number) or password. Fees vary based on where you live, but commonly range from $0 to $20. You’ll need to supply your name, address, date of birth, Social Security number and other personal information. How do I place a freeze on my credit reports?Ĭontact each of the nationwide credit reporting companies:Įxperian - 1‑888‑397‑3742, TransUnion - 1-88, You still need to monitor all bank, credit card and insurance statements for fraudulent transactions. Prevent a thief from making charges to your existing accounts. The cost and lead times to lift a freeze vary, so it’s best to check with the credit reporting company in advance. But if you’re doing any of these, you’ll need to lift the freeze temporarily, either for a specific time or for a specific party, say, a potential landlord or employer. Keep you from opening a new account, applying for a job, renting an apartment, or buying insurance. Prevent you from getting your free annual credit report. A credit freeze does not affect your credit score. Does a credit freeze affect my credit score? This is the most effective way to prevent someone from opening an account in your name. If they can’t see your file, they likely will not extend the credit. That’s because most creditors need to see your credit report before they approve a new account. What is a credit freeze?Īlso known as a security freeze, this tool lets you restrict access to your credit report, which in turn makes it more difficult for identity thieves to open new accounts in your name. This document explains what it means to freeze your credit, details the process of doing so, and answers some frequently asked questions. Minors are easy prey because they are not actively monitoring their credit. If you have children, consider freezing their credit as well. For these reasons, we strongly urge you to consider “freezing your credit.” In the event your private information is compromised, freezing your credit is the best protection against having someone incur debt in your name. Resolving identity theft crime can be expensive, frustrating and time consuming. An estimated 15 million people have their identity stolen each year. Despite precautions, we are all at risk of identity theft, data-breaches, and having our credit reports accessed without our permission. At Modera Wealth Management, we take your financial security seriously and have safeguards in place to protect your financial information.
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