In the past, credit freezes have cost $5 to $10 in most states. Starting Friday, September 21, credit freezes are free. Take advantage of protecting your credit and your identity.
After the Equifax credit breach, we heard a lot about freezing credit as a way to protect ourselves from identity theft. By freezing your credit, you stop credit card companies, banks, and other lenders from accessing your credit records. When creditors cannot see a person’s credit report or credit score, they generally will not issue a new credit card.
By preventing creditors from accessing your credit report, you are taking a proactive step to stop identity thieves who apply for new accounts in your name.
However, when you freeze your credit, you also stop yourself out from getting a new credit card or loan, or opening a credit account in your name. In the past, freezing and unfreezing your credit could cost you a fee every time.
Starting September 21, if your credit is frozen, you will be able to unfreeze your credit reports at no charge, and then freeze your accounts again for your own protection.
To freeze your credit for free, contact each of the three major credit bureaus after Friday’s fee change.
Want to take one more step to protect yourself? The Colorado Public Interest Group recommends requesting a freeze with the National Consumer Telecommunications and Utilities Exchange. The NCTUE issues credit reports for people applying for cell phones. This helps prevent a thief from opening a cell phone in your name as well.
Your credit counts whether you’re looking for a home mortgage or making any financial decisions. If you’d like to learn more about this email or mortgage loans, please contact me.