Is it time for a credit freeze?

This is Charles this week writing a blog post while I nervously look out the windows at the swaying trees here in GA due to Irma.  I’m hoping all of you are safe as you read this. 

I honestly can’t say that I have often worried about identity theft, credit fraud, and the like.  However, with the apparently catastrophic breach at Equifax reported last week, I decided on initiating a credit freeze with each of the three credit bureaus as these breaches are becoming the new normal.  It was surprisingly easy to do online.  My wife Lori will do it as well, and we are recommending it to our two grown kids (it can be done for minor children as well).

Basically, a credit freeze (or security freeze) allows you to seal your credit reports for as long as you’d like, and then requires a personal identification number (PIN) to temporarily “un-freeze” your credit when and if you need to apply for credit in the future (new credit cards, home loans, car loans, etc).  This additional security means that criminals won’t be able to establish new credit in your name even if they obtain your personal information.

Freezing your credit does not impact your existing lines of credit in any way, nor does it affect your credit rating.  I suppose if you need frequent access to your credit reports for work or for regularly creating new accounts, then you may not want to use this technique, but for me it seemed like a no-brainer.

The cost ranges from about $3 to $10 per person per bureau to freeze a credit report (was $3 in GA).  It’ll cost you that amount again if you want to thaw your credit in the future, which is also done online just as easily.  Small price to pay for peace of mind in my view.

Additionally, I’d like to recommend signing up for Credit Karma which is a free service that allows you to monitor your credit ratings and all reported credit activity for your various accounts.  It can be used on a PC or via a smartphone app.  Just google Credit Karma or find it in your App Store.  I’ve used it for several years.

Here are the links for the three credit bureaus:

Equifax - https://www.freeze.equifax.com/Freeze/jsp/SFF_PersonalIDInfo.jsp

Experian - https://www.experian.com/ncaconline/freeze

TransUnion - https://freeze.transunion.com/sf/securityFreeze/landingPage.jsp

As always, if you have any questions don’t hesitate to reach out to one of us.