If an imposter attempts to obtain credit in your name, the creditor will check your credit and will encounter a statement that says something to this effect: "I may be a victim of fraud. Learn more.Īn alert places a statement on your credit report. If eligible, you may receive free Equifax reports here: Most consumers are eligible for free credit monitoring and a free credit score from TransUnion.
You may also be eligible for a free copy of your credit report for other reasons, including if you were denied credit or recently placed a fraud alert on your file. All consumers can obtain a free annual credit report from each of the three major credit-reporting agencies, regardless of whether they have been identity theft victims. Creditors should contact you prior to opening a new account.Ĭan I receive copies of my credit reports without requesting a fraud alert or freeze? An alert does not block potential new credit, but places a comment on your history. A fraud alert is a less restrictive option and may help prevent fraud.Please note that a credit freeze will not stop a credit reporting agency from sharing your credit file for purposes that are not related to credit. Individuals can request that a freeze be temporarily lifted for the purpose of obtaining new credit. You, too, will not be able to open new credit while a freeze is in place. A security freeze means that your credit file cannot be shared with potential creditors.What is the difference between a fraud alert and a freeze? Which option is right for you will depend on your situation. Instructions are provided for obtaining a credit report security freeze, a fraud alert or a free copy of your credit report. When it comes time to open a new line of credit-for instance, if you apply for a new credit card-you’ll need to lift the freeze to give the creditor access to your file.Several tools are available to help identity theft victims and potential victims in Washington. You’ll need to lift a freeze to give a creditor access to your credit file.For example, you’ll have to contact all three credit bureaus. It requires some effort to place, lift, or remove a credit freeze. If you forget or lose your PIN, you’ll have to take extra steps to get a new one. If you want to lift or freeze your credit reports, you are required to provide your PIN. That means fraudsters could make charges on a payment card in your wallet. It doesn't prevent thieves from accessing your existing accountsĪ credit freeze can help prevent identity thieves from opening new accounts in your name, but it does nothing to keep them from committing fraud with your existing accounts.Here are a few disadvantages of placing a freeze on your credit files. This is because identity thieves will be unable to open new lines of credit in your name, although they may still be able to misuse your existing accounts if they gain access to them. If you have been a victim of identity theft and have placed a freeze on your credit, you may experience fewer instances of attempted fraud involving your personal information. It helps protect you against some types of identity fraud.It’s still important to monitor your credit use and make payments on time to keep your score from falling. A credit freeze prevents lenders from checking your credit file.įreezing your credit has no effect on your credit score. But this doesn’t mean that a credit freeze blocks your score from regular changes. That’s because lenders usually check your credit file to see if you’re a good credit risk and likely to pay back the loan. If a fraudster tries to open a credit line, they will be blocked.
No one will be able to open new lines of credit or other accounts that require a credit check in your name.