Both fraud alert and credit freeze are options to safeguard our identity from the risk of ID theft. But these two options are not exactly the same. What are their differences and how do you know which is the best option for you? To answer these questions, let’s discuss each of them one at a time.

Fraud Alert – How it Works

Putting your credit on fraud alert has always been the option used to protect one’s credit report. With a fraud alert, creditors are supposed to notify you whenever someone tries to open an account in your name. Thus, you can confirm if you’re really the one who’s opening the account or someone else is trying to use your identity against you.
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Credit freeze was first introduced in 2003 but it wasn’t until 2007 when the government required all three major credit bureaus- Equifax, Experian and TransUnion- to implement freezing.

Currently, credit freeze is being done in all 47 States of the US. What is a credit freeze and why should you be interested to learn about it?

Credit Report Freeze – What it Means

Freezing your credit report means barring it from anyone who tries to access it. Lenders, insurers, potential employers, landlords, marketing companies, not even the owner of the credit report himself can tap into the report while it is on a freeze.
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To avoid identity theft, the best way is to put your credit report on a freeze. How does credit freeze work and why should you consider it?

What is Credit Freeze?

You may already be aware that lenders check a person’s credit report before approving an application. Nevertheless, other companies which you did not send application to can also inquire about your credit report to send you offers. Unfortunately, identity thieves can also disguise themselves as a lending company or a merchant to inquire about your report. Since your credit report contains valuable information about you, thieves can easily steal that information and use it commit fraud against you.
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What is a credit freeze and what makes it different from credit fraud alert? The credit freeze was first introduced in California in 2003. Today, however, a credit freeze can be done in all 38 States and can be requested from any of the three major credit bureaus- Equifax, Experian and TransUnion.

Once a consumer puts a freeze on his credit , no lender, insurer, employer or anyone else can make an inquiry or request on his credit report. The fact is, not even you, can look into your credit report unless you order the credit bureau to “unfreeze” or “thaw” your credit.
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