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Here’s How and Why to Freeze Your Credit

Did you know there’s a way to protect your credit file from fraudulent inquiries, giving you more say in who can access your reports and when? It won’t even cost you anything to take this important step.

Here’s more information about how, why and when to request a credit freeze as well as what effects this may have on your insurance rates.

Q: Why would you want to freeze your credit? 

A: This action can help stop other people from opening lines of credit in your name by denying potential creditors access to your file. In a world where consumers’ private data is often compromised, freezing your credit can be a good safety measure.

Q: How do you implement a freeze?

A: Contact the three major credit bureaus (Equifax, Experian and TransUnion) and provide them with the information they need. As of last year, it’s free to freeze your credit.

Q: When should you unfreeze your credit?

A: It’s time to unfreeze your credit if you’re planning to apply for a new line of credit or a loan. Some background checks also require a credit check. Note that it can take up to three business days for a lift on the freeze to take effect.

Q: Will your credit score be affected?

A: Your credit score won’t be affected by a credit freeze.

Q: What about your insurance rates?

A: Most likely, your insurance rates won’t be affected. If your credit is currently frozen and you plan to buy a car or home or update a policy soon, however, it’s a good idea to double-check the necessary steps and outcomes.

Remember, no matter what it’s still smart to monitor your statements and financial information regularly.

Please reach out if you have any questions or if you’d like to check in about your insurance coverage.