If you're worried about identity theft or credit card fraud and aren't planning on applying for a new credit card or loan, freezing your credit is an easy way to protect yourself.
"Unfortunately, we live in a world where fraudsters prowl, data breaches are rampant and there is a ton of our information out there," said Jim Droske, president of Illinois Credit Services, a credit repair company. "A credit freeze is like putting your credit in a safe and you have the key."
Find out how to freeze (and unfreeze) your credit, why experts say its one of the smartest financial moves you can make and more.
When to freeze your credit
- What is a credit freeze?
- How do I freeze my credit?
- How to unfreeze your credit
- Why experts recommend a credit freeze
- Difference between credit freeze and credit block
- FAQ
- Bottom line
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What is a credit freeze?
A credit freeze restricts access to your credit reports, protecting you from identity theft and other financial fraud without affecting your credit score or current accounts.
You can still access your reports when they're frozen, but you won't be able to apply for any new line of credit.
Third parties can't access your reports when you freeze your credit. This does not apply, however, to financial institutions you already have a relationship with: For example, if you have the Chase Freedom Unlimited® or Chase Sapphire Preferred® Card and ask for a credit limit increase, Chase can still review your credit to decide whether to approve it.
Chase Freedom Unlimited®
On Chase's secure site
Rewards
Enjoy 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery services, 6.5% cash back on travel purchased through Chase Travel℠, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; and 3% cash back on all other purchases (on up to $20,000 spent in the first year). After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase Travel℠, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.
Welcome bonus
INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
Annual fee
$0
Intro APR
0% for the first 15 months from account opening on purchases and balance transfers
Regular APR
20.49% - 29.24% variable
Balance transfer fee
Intro fee of either$5or3%of the amount of each transfer, whichever is greater, on transfers made within 60 days of account opening. After that, either$5or5%of the amount of each transfer, whichever is greater.
Foreign transaction fee
3%
Credit needed
Excellent/Good
Member FDIC. Terms apply.
Read our Chase Freedom Unlimited® review.
Chase Sapphire Preferred® Card
On Chase's secure site
Rewards
Enjoy benefits such as 5x on travel purchased through Chase Travel℠, 3x on dining, select streaming services and online groceries, 2x on all other travel purchases, 1x on all other purchases, and $50 annual Chase Travel Hotel Credit, plus more.
Welcome bonus
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 when you redeem through Chase Travel℠.
Annual fee
$95
Intro APR
None
Regular APR
21.49% - 28.49% variable on purchases and balance transfers
Balance transfer fee
Either $5 or 5% of the amount of each transfer, whichever is greater
Foreign transaction fee
None
Credit needed
Excellent/Good
Terms apply.
Read our Chase Sapphire Preferred® Card review.
How do I freeze my credit?
You'll need to freeze your credit with all three main credit bureaus — Experian, Equifax and TransUnion — but the process can be completed in less than 30 minutes.
- Equifax: Go to the Equifax consumer services center or call 800-349-9960.
- Experian: Contact Experian's security freeze center or call 888-397-3742.
- TransUnion: Go to the TransUnion's website or call 888-909-8872.
You'll need to provide your name, address, Social Security number, birth date and other personal information and will probably be asked a few questions to verify your identity. You'll then be asked to create a PIN, which should be kept secure.
How to unfreeze your credit
You can unfreeze your credit via the same credit bureau sites you used to freeze it. Requests are processed quickly: The bureaus are required by law to lift a hold within one hour of receiving an online or phone request. If you request it by mail, they have up to three business days to comply..
"I was at a car dealership to purchase a car and I forgot my credit was frozen," Droske said. "It took me about two minutes to thaw the reports and the dealership could then access my credit."
You don't even have to thaw all three reports: If you're applying for credit, ask the lender which bureau they pull from and 'thaw' just that one report.
You decide how long you want your credit to be accessible, whether it's a day, a month or indefinitely.
Why experts recommend freezing your credit
"It's the most secure thing you can do to protect your credit," said Droske, who recommends keeping your credit frozen until you need it. "You know when you are going to apply for a mortgage, car loan or credit card."
Freezing your credit can also help you avoid making impulse purchases.
"When you have to take an extra step to [thaw your credit], you may rethink the terms and even the purchase itself," Droske said.
The difference between a credit freeze and a credit lock
Both credit freezes and credit locks limit access to your credit report and prevent scammers from opening new accounts under your name.
However, credit freezes are free and involve reaching out to all three credit bureaus separately. A credit lock is faster but is typically part of a paid service, like an identity theft protection app. If you end your subscription, the lock is automatically lifted.
Aura's credit lock option can be accessed right from the app or website and prevents lenders (or anyone else) from accessing your Experian credit report.One of CNBC's top identity theft protection picks, Aura also has a full suite of online protections, including a password manager, VPN, antivirus software and parental controls.
Aura
On Aura's secure site
Cost
Individual plan: $10/month billed annually or $13/month billed monthly; Couple plan: $18/month billed annually or $24/month billed monthly; Family plan: $29/month billed annually or $39/month billed monthly
Standout features
Protects against financial fraud, identity theft, spam calls, online theft, phishing and scam websites, viruses and malware, as well as offering security tailored to kids and financial alerts like credit score monitoring
Availability
Offered in both the App Store (for iOS) and on Google Play (for Android)
Terms apply.
TransUnion Credit Monitoring is a paid subscription that lets you lock your TransUnion and Equifax credit reports. It also includes alerts about changes to your accounts, daily updates to your TransUnion credit score and more.
Identity Guard can lock and unlock your Experian credit file with a single click. All plans include data breach notifications, account monitoring and $1 million in identity theft insurance.
Identity Guard
On Identity Guard's secure site
Cost
$6.67 to $29.99 per month
Identity theft insurance
Up to $1 million in insurance for eligible losses from identity theft
Credit monitoring
The Total and Ultra plans monitor your Experian, Equifax and TransUnion credit reports; the Value plan doesn't offer credit monitoring.
Mobile app
Yes
Family plan
Yes
*Terms apply.
FAQs
How long does it take to unfreeze credit?
If you request the unfreeze online or by phone, the bureaus must lift the hold within one hour. If you request the unfreeze by mail, they have up to three business days to comply.
Does a credit freeze hurt your credit?
Freezing your credit will not negatively impact your credit score.
How much does it cost to freeze and unfreeze credit?
There is no cost to freeze or unfreeze your credit.
How long does a freeze last on your credit report?
A credit freeze will remain in place until you lift it.
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Bottom line
If you're worried about fraud or identity theft, a credit freeze can give you peace of mind. It's quick, free and has no impact on your credit score.
"It's a small inconvenience that offers high levels of protection," Droske said. "I sleep better knowing no unauthorized third party can access my credit."
Meet our experts
At CNBC Select, we work with experts who have specialized knowledge and authority based on relevant training and/or experience. For this story, we interviewed Jim Droske, president of Illinois Credit Services.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every financial article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
