Data and security breaches have come up more and more every day. This is all about access to consumer information and their illegal use. No matter how much time passes over your last data breach heard, you may be able to hear a new one. However, if you wish, there is a way to keep all your information away from hackers with some effort. This process is called security freeze.
Whenever you wish to apply for a new loan, lenders provides access to your credit report at the credit bureaus and assesses whether you are eligible for the loan. When you go to freeze your credit report, lenders become inaccessible to your credit report. You must give them special permission to access them.
The main purpose of the credit freeze process is to prevent identity thieves from opening accounts on your behalf. This way, you restrict access to your credit report. When you want to remove the ice cream from your credit report, simply enter the code that was given to you. For example, you can enable access to your credit report when applying for a home loan or a car loan.
Why should you freeze your credit?
The smartest part of freezing the loan is to prevent someone else from trading on your behalf. Identity thieves try to borrow using your name. To prevent this, you may want to consider performing security freeze. This will prevent identity thieves from making financial transactions on your behalf.
Almost everyone can want the credit freeze. However, if your credit card information has been stolen in the past, if you’ve been part of identity theft, don’t plan to apply for a new loan, and want to prevent it from happening, you may want to consider freezing the credit. This is the most powerful step you can take in the face of identity theft, so you can freeze your credit in such a doubt.
How to freeze your credit?
Every consumer has the right to freeze his credit. However, he had to pay between $12 per desk. You might think that these numbers are many in the beginning. However, you should know that it is acceptable for your safety. We’ve got good news for you if you’re thinking about freezing your credit at the Experian, Equifax and TransUnion offices. Under the new federal law, you can credit freeze without paying any fee. You can follow the steps below.
- You should visit the Experian, Equifax and TransUnion credit freezing pages.
- You must enter personal information such as name, address, previous address, Social Security number and date of birth on the forms you will see. You must also answer the personal questions you are asked.
- You must say yes to Security freeze and select a PIN. Remember to note down the PIN number. You must also ensure that this PIN is inaccessible to others.
You can freeze your credit by following the three steps above. Freezing your credit will protect you against identity thieves, but there are some disadvantages to doing so. You should keep in mind these disadvantages. It will take some time to freeze in three different offices. You must remove the lock from your credit report before you apply for a new loan. You will need to follow these extra steps each time if you are constantly requesting new credit cards or limit increases.