If the Equifax hack last year caught your attention, you may have considered freezing your credit report.
Commonly referred to as a “Security Freeze”, a credit freeze allows you to limit access to your credit report.
This, in turn, helps make it much for difficult for hackers and identity thieves to steal your information and open new accounts under your name.
What Does a Credit Freeze Do?
A credit freeze helps stop identity theft since all creditors and lenders will need to see a copy of your credit report before they can approve you for a line of credit.
If the creditor cannot access the report, the line of credit may be denied.
Do Credit Freezes Affect My Credit Score?
No. A credit freeze has absolutely no impact on your credit score.
Implementing a credit freeze also does not prevent you from accessing your free annual credit report.
As usual, you will still be able to open a new bank account, apply for a new job, and rent an apartment.
Consumers will need to remove the freeze temporarily in order to allow landlords and recruiters access if requested.
Who Can See My Credit Report with a Freeze?
When you freeze your credit, there are few entities that will be able to access your credit report.
Your current existing lenders and creditors have the right to view your credit report.
Your credit report can also be shared with any debt collectors who are contracted by your lender to collect on a debt that you owe.
Lastly, any government agencies can access your credit report through a court order, subpoena, or even a search warrant.
How Can I Freeze My Credit?
In order to freeze your credit, you will need to call each of the three major credit bureaus.
The representative will ask for your name, date of birth, social security number, and possibly some other personal information.
All in all, a credit freeze is a useful tool for those who are concerned about identity theft. If you have less than perfect credit and don’t know where to go, CrediReady can help.
Our trusted network of credit repair experts can boost your score and help you qualify for the credit you need.
Take a moment to fill out our free no-obligation credit repair inquiry form and start fixing your credit today!