But while these terms sound the same, there are differences in how they work, what they cost - and ultimately, which one is right for you. Once enabled, these tools prevent anyone from accessing your credit file, which can stop criminals from opening new accounts or taking out loans in your name. Ī credit lock and a credit freeze are both great ways to protect your credit, personal finances, and identity from fraudsters. Last year alone, the Federal Trade Commission (FTC), received close to 700,000 reports of fraud related to new fraudulent bank accounts, credit cards, and loans. One of the easiest ways scammers can target your finances is by using your stolen information to open new accounts or take out lines of credit and loans in your name. I personally would much rather have that extra and most important layer of protection.What’s Better? A Credit Lock or a Credit Freeze?
Let's just go with agree to disagree here. Certainly better spent than the expensive credit monitoring services. But, even so, I think this small amount of money is well spent. Stop the issues BEFORE they happen, not damage control after.Įveryone lapping up this $10 per freeze bullshit is just encouraging the credit bureaus to treat us like shit and then charge us when they fuck up. Combining this with a fraud alert is the best line of defense.
Any new account can be disputed and then the creditor is required to prove it was you who opened the account. Monitoring your credit and spotting any changes through credit karma is free and just as effective. Not true, have you tried this? Despite OP claims, they almost always will either have you send in documents or they will mail your pin to you via USPS. It also provided virtually no actual protection since the data breached in Equifax and other major breaches is enough to reset your pin and convince them someone else is you. So, this is an FYI for everyone, The Equifax credit freeze is not actually a secure credit freeze. I prompted, "Don't you need my pin?" And they said "No I don't need it, I've already processed the request." I told the rep I wanted to unfreeze my credit temporarily and they asked me for my social security number and did it. I declined and called a direct customer service line and talked to someone. Experian had an online interface that was easy to use and they asked me for my pin and temporarily lifted my credit freeze.Įquifax had an online interface that didn't ask for my pin but then said that I couldn't do it online or by phone and I needed to mail them my social security number and my pin together in one package. TransUnion had a good online interface that was quick and easy to use, asked me for my pin and lifted my credit freeze. I keep my credit frozen at all three major reporting agencies, and yesterday went to add a temporary lift to my account so that I could do home loan stuff. Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit.Įquifax has let us down again by not asking for my PIN to unfreeze my credit. Get your financial house in order, learn how to better manage your money, and invest for your future. Banking Megathread: FDIC, NCUA, and your cash.Private communication is not safe on Reddit. Scam alert: Ignore any private messages or chat requests.