Amidst a digital ecosystem that has evolved around convenience, credit fraud has become alarmingly common. According to the Federal Trade Commission (FTC), credit fraud was the most reported form of identity theft in 2022.
Out of nearly 1.1 million reports of identity theft, “the FTC received 441,882 reports from people who said their information was misused with an existing credit card or when applying for a new credit card.”
Of the many steps you can take to safeguard your identity and financial assets, a credit freeze is — surprisingly — one of the easiest. In tandem with proactive data security practices, this simple process can bring you more peace of mind.
Most people are aware that you can and should freeze your credit if you see suspicious activity on your credit card.
Freezing it proactively gives you an extra layer of protection by making it impossible to access your credit report or open any new accounts in your name until the freeze is lifted.
Apart from you, only a few entities can review your credit while the credit freeze is in place. This includes your current lenders, debt collectors, child support agencies, and the government.
Thanks to a Federal law that went into effect in 2018, freezing and unfreezing your credit is now free. According to the FTC, you can still apply for jobs, rent an apartment, or buy insurance while the security freeze is active. If you need to open a new line of credit, you can easily thaw your account temporarily. This won’t affect your credit score.
For this to be effective, you’ll need to freeze your credit report with all three major credit bureaus (Equifax, TransUnion, and Experian).
If you’re a small business owner, identity theft can have even more far-reaching consequences. Criminals posing as business owners, officers, or employees can do a lot of damage in a short amount of time.
With access to your credit data, an identity thief can apply for business loans or lines of credit and disappear, racking up debts before anyone notices.
This can take a significant amount of time and resources to straighten out, and can do long-term damage to your reputation. A security freeze is a straightforward way to minimize that risk and boost resilience.
Online, you’ll have to create a secure account with each bureau to freeze or unfreeze your credit reports. By phone, you would verify your identity by providing some personal information. Both options can be done in a few minutes.
Credit agencies must freeze your credit report within one business day when you request it online or by phone. By mail, credit agencies have three days to freeze your report.
Keep in mind that this won't protect your financial assets if thieves have access to stolen information like your bank credentials or credit card details. You still need to proactively protect those and monitor for any suspicious activities.
Online or by phone, credit agencies must lift the freeze within an hour of your request. By mail, credit agencies must lift the freeze within three days.
Request a security freeze online for the ability to:
Set up a free, password-protected Experian account
Freeze access to your credit file with Experian
Unfreeze or schedule a thaw
Get alerts when your freeze status changes
If you prefer to make your request over the phone, you can call 888-397-3742 (888-EXPERIAN). You’ll have to provide personal information, such as your social security number, to verify your identity.
To request a freeze by mail, you can confirm what documentation is accepted on the website. According to Nerd Wallet, you can expect to be asked to provide your full name, date of birth, SSN, two years’ worth of addresses, a copy of your government-issued ID, and proof of address.
Mail your completed request to:
Experian Security Freeze
P.O. Box 9554
Allen, TX 75013
Request a security freeze online to:
Set up a free, password-protected myEquifax account
Freeze access to your Equifax credit file
Unfreeze your credit file
If you prefer to handle it over the phone, you can call the Equifax automated line at 800-349-9960, or customer care at 888-298-0045.
You’ll have to provide some personal information, such as your social security number, address, and state of residence. They will also ask security questions to verify your identity.
To make your request by mail, you’ll need to fill out your completed security freeze request form that includes your name, suffixes, address, SSN, and date of birth. Equifax also requires supporting documents to verify your address, such as a copy of your government-issued ID, tax documents, or a utility bill.
Mail your completed request and other documents to:
Equifax Information Services LLC
P.O. Box 105788
Atlanta, GA 30348-5788
Request a security freeze online to:
Set up a free TransUnion account
Download and use their app, if preferable
Freeze access to your TransUnion credit file
Check on credit activity
Note: According to NerdWallet, when you click “I accept & continue” to create your account or initiate a freeze, by default it opts you in to “offers from TransUnion and partners.” You will have to change your preferences to opt out.
There are also many monitoring products you can purchase on their site, but you can choose to only select the free credit freeze.
To make your request by phone, you can call 800-916-8800 or 888-909-8872 to access their automated system or speak with an agent.
You’ll have to provide some personal information, such as your social security number, address, and birthdate. They will also ask security questions to verify your identity.
If you’d like to make your request by mail, you will also need to include your name, address, SSN, and date of birth. TransUnion also requires supporting documents to verify your address, such as a copy of your government-issued ID, tax documents, or a utility bill. Check to confirm what types and how many documents are required on their website.
Mail your request and other documents to:
TransUnion LLC
P.O. Box 160
Woodlyn, PA 19094