Locking Down Your Credit Report

A fraud alert allows creditors to get a copy of your credit report as long as they take steps to verify your identity.

Locking down your credit report.

Pros and cons of locking your credit. Experian offers credit locks through a paid monthly service. Until that happens you can use trustedid to lock and monitor. Transunion offers credit locks through a free service as well as through paid products.

Freezing your credit is an extreme step but it s something that might be necessary if you re dealing with identity theft and other measures such as fraud alerts haven t been effective for you. A credit lock can reduce your chances of becoming an identity theft victim since lenders can t check your credit reports while they re locked. Equifax offers lock alert for free. However it has been widely reported that equifax will be offering a new credit lock service that is free for life from january 31st.

Unlocking either or both reports is just as easy as locking them. You log in and lock your transunion and or equifax credit reports. Locking your equifax credit report will not prevent access to your credit report at any other credit reporting agency. Locking your equifax credit report will prevent access to it by certain third parties.

You must freeze your credit report at each credit bureau individually since there s no way to freeze all three credit reports at once. A credit lock also known as a security lock has the same result as a credit freeze but it s easier and quicker to lock and unlock your credit than to freeze and un freeze or thaw it. Requests to freeze your credit report must be made in writing and should include your name address date of birth social security number a copy of a valid id proof of address e g a copy of a utility bill and payment. A credit freeze locks down your credit.

Locking your credit is a procedure that can help prevent identity theft and credit fraud by blocking access to your credit report. If someone applies for credit in your name access is denied. You can lock and unlock your reports yourself at any time making it faster than a freeze if you need to authorize a legitimate credit check. Here s how to lock your report with each of the major bureaus.

A credit freeze is something you can put in place to limit others from viewing your credit reports including lenders.