How to Freeze, Unfreeze, and Unfreeze Your Credit (and Why You Should Do It)
A credit freeze is one of the most effective ways to prevent anyone from opening new accounts using your stolen identity. It’s free and doesn’t affect your credit score, and when it comes time to raise it, unfreezing isn’t your only option. You can also unfreeze your credit if you need to legally apply for new credit yourself. Here’s what you need to know about freezing, unfreezing, and unfreezing your credit.
How to freeze a loan
Freezing your credit is relatively simple and free for everyone through the three major credit bureaus— Equifax , Experian , and TransUnion . Here are the steps:
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Visit each credit bureau’s website and request a freeze. You will be required to provide some personal information to verify your identity.
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Each bureau will assign a personal identification number (PIN) that will be used when you want to temporarily or permanently remove the block.
That’s all! Your credit will be frozen at all three bureaus, preventing new creditors from accessing your report unless you authorize it.
Unfreezing and unfreezing of credit
To unfreeze your credit, you need to submit a request to each major credit bureau. If you make a request online or by phone, the bureaus should lift the block within an hour. When you officially unfreeze your credit, your report remains open unless you request another credit freeze.
But unfreezing isn’t your only option: When you’re ready to apply for new credit, such as a loan or credit card, you can “unfreeze” your frozen credit rather than unfreeze it forever. A thaw will temporarily cancel the freeze for a certain period, such as a week, after which it will automatically refreeze without any further action on your part.
To unfreeze a frozen loan, simply contact the bureau and use your PIN to request a temporary unfreeze, specifying a period of time. This allows creditors to access your report, after which it is automatically frozen until you unfreeze it again.
While a credit freeze won’t completely prevent identity theft, it is one of the best ways to proactively protect yourself and minimize the potential damage from stolen personal information. Considering it’s now free and convenient, there’s little reason not to take advantage of this added security. In addition to freezing your credit, you are entitled to receive free credit reports from each bureau each week, making it easier to monitor your report regularly.