What Is A Credit Freeze

"Empower Your Financial Security: How Freezing Your Credit Can Shield You from Identity Theft"

Written by

Sophia Lin

Sophia Lin merges her economic expertise and credit counseling experience to demystify financial concepts, offering practical advice on debt management and credit building. Her empowering approach motivates readers towards financial independence and resilience.

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Freezing your credit report is a powerful step to protect yourself against identity theft and unauthorized credit activity. When you freeze your credit, you're essentially locking down your credit reports, preventing lenders from accessing your information in response to a new credit application. This means that even if someone has your personal information, they won't be able to open new accounts in your name. Here's a simple breakdown of why, how, and where to freeze your credit report.

Why Freeze Your Credit Report?

Prevent Identity Theft: Freezing your credit makes it much harder for identity thieves to open new accounts in your name.
Peace of Mind: Knowing your credit is frozen adds an extra layer of security, especially after a data breach or if your information has been compromised.
Control Over Credit: You decide when to lift the freeze to apply for new credit, giving you more control over your financial information.

How to Freeze Your Credit Report

Contact Each Credit Bureau: You'll need to freeze your credit with all three major credit bureaus—Equifax, Experian, and TransUnion. Unfortunately, freezing your credit with one bureau does not automatically freeze it with the others.
Provide Required Information: You'll typically need to provide your name, address, date of birth, Social Security Number, and other identifying information.
Set Up a PIN or Password: Most credit bureaus will require you to create a PIN or password. This is crucial for lifting or temporarily thawing your freeze in the future.
Confirmation: After you've requested a freeze, each bureau will provide you with confirmation. Keep this information safe.

Where to Freeze Your Credit

Equifax: Freeze your credit online through the Equifax Freeze page or by calling their dedicated freeze line.
Experian: Visit the Experian Freeze Center online or call their number designated for credit freezes.
TransUnion: Use the TransUnion Credit Freeze page online or their freeze phone number.

Each bureau's contact information and freeze page can easily be found on their official website.

When to Freeze Your Credit

After Identity Theft: Immediately, if you suspect your information has been compromised.
Following a Data Breach: If a company you've done business with experiences a data breach, consider freezing your credit even if you're not sure your information was stolen.
For Preventative Measures: Anytime you want to protect yourself against the possibility of identity theft.

Understanding and utilizing credit freezes can be a crucial aspect of managing and protecting your financial health. This process gives you significant control over your personal information, making it a smart choice for safeguarding against identity theft.

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	REPORTS	BACK DATES
Amex	Yes	No
Barclay	Yes	Yes
Bank of America	Yes	Yes
Chase	Sometimes	Yes
Citi	Yes	Yes
Capital One	Yes	Yes
Discover	Yes	Yes
HSBC	No	No
US Bank	Yes	Yes

Sample Caption
Bank Name	Reports	Back Dates
Amex	✅	❌
Barclay	✅	✅
Bank of America	✅	✅
Chase	Sometimes	✅
Citi	✅	✅
Capital One	✅	✅
Discover	✅	✅
HSBC	❌	❌
US Bank	✅	✅

Lock your credit reports to shield your identity and control your financial future—freezing is easy, just contact each major bureau!

Sample Caption
Bank	Minimum Payment Calculation
American Express Personal	The greater of these: $40, 2% of the balance excluding interest and fees, 1% of your balance plus interest and fees
American Express Business	The greater of these: $35, For a balance of $0-$25,000: 1% of the balance plus monthly interest and fees, For a balance of $25,000-$75,000: 5% of the balance plus monthly interest and fees, For a balance over $75,000: 10% of the balance plus monthly interest and fees*
Bank Of America	The greater of these: $25, or 1% of the full balance plus the monthly interest and fees
Barclay Bank	The greater of these: $27, or 1% of the full balance plus the monthly interest and fees
Capital One	The greater of these: $25, or 1% of the full balance plus the monthly interest and fees
Chase	The greater of these: $25, or 1% of the full balance plus the monthly interest and fees
Citi	The greater of these: $25 or 1% of the full balance plus the monthly interest and fees, or 1.5% of the full balance
Discover	The greater of these: $35, or 2% of the full balance or $20 plus the monthly interest and fees
Santander	The greater of these: $25, or 1% of the full balance plus the monthly interest and fees
Synchrony	The greater of these: $25, or $35 if you had any late payments within the last six months, or 1% of your full balance plus the monthly interest and fees
Us Bank	The greater of these: $30, or 1% of your full balance plus the monthly interest and fees
Wells Fargo	The greater of these: $15, or 1% of the full balance plus the monthly interest and fees

Sample Caption
Bank Name	Reports	Back Dates
Amex	✅	❌
Barclay	✅	✅
Bank of America	✅	✅
Chase	Sometimes	✅
Citi	✅	✅
Capital One	✅	✅
Discover	✅	✅
HSBC	❌	❌
US Bank	✅	✅

Sample Caption
Rating	Credit Score Range	Description
Poor	<580	This credit score is well below the average score of U.S. consumers and demonstrates to lenders that the borrower may be a risk.
Fair	580-669	This credit score is below the average score of U.S. consumers, though many lenders will approve loans with this score.
Good	670-739	This credit score is near or slightly above the average of U.S. consumers and most lenders consider this a good score.
Very Good	740-799	This credit score is above the average of U.S. consumers and demonstrates to lenders that the borrower is very dependable.
Exceptional	800+	This credit score is well above the average score of U.S. consumers and clearly demonstrates to lenders that the borrower is an exceptionally low risk.

Sample Caption
Very Poor	Poor	Average	Good	Very Good	Excellent
579	619	679	719	779	800+
578	618	678	718	778	799
577	617	677	717	777	798
576	616	676	716	776	797
575	615	675	715	775	796
574	614	674	714	774	795
573	613	673	713	773	794
572	612	672	712	772	793
571	611	671	711	771	792
570	610	670	710	770	791
569	609	669	709	769	790
568	608	668	708	768	789
567	607	667	707	767	788
566	606	666	706	766	787
565	605	665	705	765	786
564	604	664	704	764	785
563	603	663	703	763	784
562	602	662	702	762	783
561	601	661	701	761	782
560	600	660	700	760	781
559	599	659	699	759	780
558	598	658	698	758
557	597	657	697	757
556	596	656	696	756
555	595	655	695	755
554	594	654	694	754
553	593	653	693	753
552	592	652	692	752
551	591	651	691	751
550	590	650	690	750
549	589	649	689	749
548	588	648	688	748
547	587	647	687	747
546	586	646	686	746
545	585	645	685	745
544	584	644	684	744
541	583	643	683	743
540	582	642	682	742
539	581	641	681	741
538	580	640	680	740
537		639		739
536		638		738
535		637		737
534		636		736
533		635		735
532		634		734
531		633		733
530		632		732
529		631		731
528		630		730
527		629		729
526		628		728
525		627		727
524		626		726
523		625		725
522		624		724
521		623		723
520		622		722
519		621		721
518		620		720
517
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Key points in this article

Key Takeaways

Freezing Your Credit Report is a Proactive Security Measure: It helps prevent identity thieves from opening new accounts in your name.

Key Takeaways

Requires Individual Action with Each Bureau: You must contact Equifax, Experian, and TransUnion separately to freeze your credit.

Key Takeaways

It's Reversible: You can temporarily lift or permanently remove the freeze when you need to apply for new credit, using the PIN or password set during the freeze process.