Loan Freeze Will Soon Be Free

The Equifax hack is over, so we remind you that you can freeze your credit reports and sign up for annual fraud alerts for free starting September 21 thanks to federal law passed earlier. year.

This is good news for consumers who, in the past, have had to pay $ 2 to $ 10 per bureau to freeze a loan, depending on the state. You will still have to block the loan at all three major credit bureaus: Equifax, Experian, and TransUnion.

The advantage of freezing your credit is that identity thieves cannot open accounts in your name. Typically, you will receive a PIN every time you freeze your accounts to unfreeze them (don’t lose your PIN), making it harder for attackers to scam. As noted above, fraud alerts that are currently in effect for 90 days will be extended to one year and require businesses that have credit to check with you before opening a new account – less secure but better. than nothing. Credit agencies will also be required to offer free credit monitoring to all military personnel on active duty.

If your loan is not frozen yet, add it to your to-do list on the 21st (and don’t forget to freeze your children’s credit files as well – you can freeze accounts for children under 16 for free).

One final reminder, freezing will not prevent thieves from using any open lines of credit that you have, such as your current credit card, so you need to keep an eye on your statements and fraud alerts.


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