The Equifax breach has us all concerned that we could be the next
victim of identity theft. We can check
our credit reports periodically but that only reveals a problem after it has
happened. We can purchase credit
monitoring but that comes with a sticker price of as much as $300 per
year. Or we can freeze our credit
preventing anyone from applying for loans under our names which manages the
problem before it occurs. Freezing your credit comes with inconveniences as you
will need to unfreeze your credit files each time you want to apply for a
mortgage, car loan or new credit card and it may even cost a fee to freeze and
unfreeze your files (varies by state).
Additionally, you will need to plan ahead by a couple of days when applying for a loan to make
your credit available to legitimate companies.
But if you consider that credit monitoring costs hundreds of dollars and
you might not apply for credit more than once per year, perhaps in this age of
cyber insecurity, it’s time to take the more aggressive approach. (Fees
indicated are for Massachusetts residents and vary by state. Victims of identity theft may be able to
request a freeze without charge but documentation is required.)
Step by step instructions to freeze your credit. This process must be completed with each of the 3 credit bureaus:
Page 1: Fill in personal
information including address and social security number plus a code displayed
that shows you are not a robot.
Page 2: Check the box: Place a security freeze
Page 3: Submit – to request
the freeze
Page 4: BE SURE TO PRINT
THE PDF FILE THAT IS NOW OFFERED. It
contains a 10-digit PIN that will be required to unfreeze your credit in the
future.
Note: The Equifax website
indicated that a $5 fee is required to initiate a freeze and to create a
temporary lift or permanent removal of the freeze. However, no fees were requested during the
freezing process.
2. Experian
Click: Add a security freeze
Click: Apply online
Next page: Fill in your
personal information including address and social security number.
Next page: You will be
required to submit credit card information to pay a $5 fee for this process.
Next page: You will be
asked security questions, such as what bank you have used for a certain product,
to confirm your identity.
Finally, a page will be displayed with your PIN needed to unfreeze
the account in the future. You can print
this page but BE SURE TO NOTE THE PIN NUMBER.
Note: The Experian website
indicates that a $5 fee will be required to create a temporary lift of the
freeze or to remove the freeze entirely.
3. TransUnion
Page 1: Register – to create
an account.
Page 2: Fill in your
personal information including address and social security number and click
Continue.
Page 3: Create a user name
and password and fill in additional information. Agree to terms and click
Continue.
(It may next ask you to confirm your current address.)
Page 4: Click “Add Security
Freeze.”
Page 5: Accept terms and
continue.
Page 6: Provide credit card
information to pay a $5 fee for this process and click Continue.
Page 7: Create a PIN and
click Continue.
Page 8: You will receive a
confirmation of your credit freeze. BE
SURE TO NOTE YOUR PIN to be able to unfreeze your credit in the future.
Note: The TransUnion website indicates that a $5 fee will be
required to create a temporary lift of the freeze but a full removal of the
freeze is free.
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