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.
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.
No one is completely safe from the threat of identity theft but there is much you can do protect yourself. One strategy that consumers may consider is known as “credit freeze”. If you’re not familiar with the term, this post talks about basic points that you should know about credit freeze. What is Credit Freeze?…
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?