How to Safeguard Your Identity Through a Credit Freeze

When applying for a credit card or loan, banks and other financial institutions will pull your credit. They do this to see how you repay your debts and if it falls within their approval guidelines. However, scam artists and fraudsters can always disguise themselves as banks and credit agencies. In fact, they can easily pull your credit report and steal your personal, contact, and credit details.

Now, to prevent them from gaining illegal access to your highly-sensitive information, you can always invoke your rights to a credit freeze. By taking advantage of this special privilege, you can prevent credit agencies, insurance brokers, and, of course identity thieves and fraudsters, from making inquiries about your credit history. They won’t be able to pull your report out, unless you have contacted the employees of the credit reporting agencies and asked them to “thaw” your annual report.

Not only that. A credit freeze can also protect you from fraudulent or unauthorized charges that will be made on your existing card accounts. It can also deter identity thieves from applying for as well as from opening new accounts using your personal details.

Requests for credit freeze or un-freeze are processed as soon as credit consumers pay the required charges. You will be asked to submit $10 to $12 for each request you will make with each credit reporting agency.

It usually takes the major credit bureaus three to seven days to process the requests they receive from consumers. Hence, to avoid delays, we suggest you contact the each firm at least a week before submitting your credit application to your chosen lender or credit card issuer.

The Benefits of Credit Freeze

  • Freezing your credit report is often considered one of the most economical ways to safeguard your identity. After all, a credit freeze will just cost you $10 to $12 – a much cheaper charge as compared to the premiums you will have to pay for identity theft insurance.
  • A credit freeze can also offer long-term protection to your credit report, especially if you don’t have any immediate plans to sign up for credit programs, like credit cards, revolving lines of credit and loans, as well as for insurance policies, in the coming months.
  • There are now convenient ways to request for this special privilege. Apart from sending your request via registered mail, some firms are working on convenient ways that will allow consumers to invoke their rights for a credit freeze, immediately. Who knows in the coming months, we may be able to request for a freeze or a thaw on our annual reports by calling up the hotlines of the three major credit bureaus or by simply clicking a button in their respective websites!

Elizabeth Roberts

Elizabeth Roberts

Liz Roberts and her team are continuously providing information to people who are ready to repair their credit and improve their credit score. Also NewHorizon.org team strives to empower the homebased and small business owners by bringing information that can help them to manage and grow their businesses. Let our 24+ years of business finance experience help you to get the financing you need! CONTACT US if need financing for your business.

2 Comments
  1. I would stop using my credit cards for a while.

  2. If someone gets a hold of your credit and is using it. Just because you stop using your credit won’t stop them. They could continue to damage your credit and you will have to answer for it! Most credit cards don’t make you pay for the items they charge but they will expect you to cancel all cards and file a police report. If you choose not to file the report you could be held liable.

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NewHorizon.org is an independent, advertising supported website. The owner of the site may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. NewHorizon.org has not reviewed all available credit card offers in the marketplace.

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