Smart Cents

As Things Heat Up, Place a Credit Freeze to Stop Fraud in Its Tracks

With summer in full swing and activity picking up everywhere, it’s the perfect time to make sure your personal information is protected. Just as you take steps to stay cool and safe in the summer heat, you can also take proactive steps to keep your finances secure—starting with a credit freeze. Let’s take a closer look at how placing a credit freeze can stop fraud in its tracks—and why it could be the smartest step you take to protect yourself this season.

What Is a Credit Freeze?

A credit freeze, also known as a security freeze, is a tool you can use to restrict access to your credit report. When you place a freeze, credit bureaus (like Equifax, Experian, and TransUnion) will not release your credit file to new creditors. This makes it much harder for identity thieves to open new accounts in your name—even if they have your personal information.

What are the Benefits of a Credit Freeze?

1. Strong Protection Against Identity Theft

A credit freeze is one of the most effective ways to prevent criminals from opening new credit accounts in your name. Even if a fraudster manages to steal your Social Security number or other sensitive details, they won’t be able to get credit without your permission.

2. No Impact on Your Credit Score

Placing a credit freeze does not affect your credit score. You can still use your existing credit cards and accounts as usual, and your score remains unchanged.

3. Free and Easy to Set Up

Federal law requires that credit freezes are free to place and lift. You can easily request a freeze online, by phone, or by mail with each of the major credit bureaus. For a step by step walk through keep reading!

4. Peace of Mind During Uncertain Times

Whether you’ve been notified of a data breach, lost your wallet, or just want to be proactive, a credit freeze gives you peace of mind knowing that your credit can’t be accessed by would-be thieves.

5. Flexible and Reversible

Need to apply for a loan, new credit card, or rent an apartment? You can temporarily lift or permanently remove a credit freeze at any time—at no cost.

When Should You Consider a Credit Freeze?

• After a data breach or if your personal information has been exposed
• If you’ve lost your wallet or important documents
• If you’re not planning to apply for new credit soon
• If you want extra protection during busy seasons when fraud tends to spike

How to Place a Credit Freeze

Placing a credit freeze is simple:

1. Visit the websites of Equifax, Experian, and TransUnion.
2. Provide the required information to verify your identity.
3. Request a freeze for each bureau. Remember, if you want to lift your freeze you will need to reach out to ALL THREE credit agencies!

Remember to store your PIN or password safely—you’ll need it to lift the freeze in the future.

Stay Cool and Protected

As the temperature rises, so do attempts at fraud and identity theft. Don’t let scammers catch you off guard this season. Placing a credit freeze is a smart, simple step to safeguard your financial future.

Ready to take action? Visit the credit bureaus or contact your financial institution for help with placing a freeze. Stop fraud in its tracks and enjoy your summer with peace of mind!

Need more tips on protecting your identity? Reach out to our team or visit our blog for more ways to stay safe!