In an age where identity theft is increasingly common, taking proactive steps to protect your financial information is essential. According to a 2023 report by the Federal Trade Commission (FTC), over 1.4 million cases of identity theft were reported in the United States alone.
One effective method to safeguard yourself from credit fraud is to freeze your credit. Lets dive into what it means and how you can start freezing your credit.
A credit freeze is a security measure you can take to protect yourself from credit fraud due to identity theft. By placing a freeze, you block most companies from accessing your credit file until you decide to unfreeze or temporarily "thaw" it.
When your credit is frozen, you can still apply for loans or credit, but potential lenders won't be able to pull your credit report until you unfreeze it. This means you'll need to lift the freeze temporarily or schedule a thaw in advance when you plan to apply for credit.
To fully protect yourself, you need to freeze your credit with all three major credit bureaus:
Each bureau requires you to contact them separately to place or lift a freeze on your credit file.
Psst... I know it might sound like a bit of a hassle to reach out to each one individually but It's really quick if you do it online. trust me, it's worth it. By contacting each bureau directly, you ensure that your credit report is securely frozen across the board. |
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While freezing your credit report keeps your sensitive information safe from unauthorized access, there are some exceptions where certain parties can still access your records:
Now that you understand what a credit freeze is and its pros and cons, it's time to learn how to implement one! Protecting your financial future is just a few steps away.
You can also always read more about Account Security and Identity Theft on the Skyla website. If you have any other questions, feel free to contact our customer service representatives by email, or give us a call at 704.375.0183.