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A credit freeze allows you to block access to your credit report. This can be a useful tool as many lenders may not extend a line of credit in your name if they’re not able to access your credit report which can help to make sure that someone doesn’t fraudulently open a line of credit using your information.
Credit freezes can be placed by creating accounts with each of the major credit reporting bureaus (Equifax, Experian, TransUnion) or by calling the bureaus. When you place a credit freeze you will receive a PIN or password that you will need to keep in a safe place. You will use this PIN or password if you need to temporarily lift the credit freeze. There may be a small fee for placing and lifting a credit freeze.
If you’re planning on doing something which requires your credit report to be pulled (taking out a loan, applying for a credit card, sometimes applying for a job if the employer pulls a report, etc.), then you have to make sure to temporarily lift your credit freeze.
