CREDITCOLLEGE

Protecting Your Credit

Credit is an important factor in our financial identity and should be handled with care. Credit impacts so many things in our daily lives, including getting approved for loans, the interest rates we’re charged, the ability to rent an apartment or house, what we’re charged for car insurance and the jobs we’re offered. We talk a lot about what credit is and how to build it, but this article will focus on an equally important aspect — how to protect it.

A credit freeze is a tool that limits who can see and have access to your credit report. It also makes it harder for new accounts or loans to be opened in your name fraudulently. Credit freezes are free and will not harm your credit score. To place a freeze on your credit report, you must contact each of the three credit bureaus individually — Equifax, Experian and Transunion — by phone or online. Each of the credit bureaus may have slightly different documentation requirements to place the freeze, so make sure to have your Social Security card and driver’s license handy. The same documentation requirements may be needed when you want to temporarily lift the credit freeze to apply for new credit.

Here’s how to contact each bureau:

Equifax

Equifax.com/personal/credit-report-services 1-800-685-1111

Experian

Experian.com/help 1-888-EXPERIAN (888-397-3742)

Transunion

TransUnion.com/credit-help 1-888-909-8872

Credit freezes are a great way to help prevent fraud and identity theft and provide you with peace of mind. But keep in mind even if you place a freeze on your credit, it’s still important to monitor your accounts, cards and credit report for suspicious or unusual activity.

Sources:

https://consumer.ftc.gov/articles/understanding-your-credit#protect