Lock credit report

[Ella]

How to lock credit report, and what’s the difference between credit report freeze and fraud alerts?

[Stacy Wall]

Credit report lock offers more security than fraud alert

When you lock credit report you block access to your credit file from potential NEW creditors. Since lenders pull your file as part of the new credit approval process, freezing (locking) your credit report effectively stops the process of granting new credit in your name.

Credit freeze is viewed as the most effective way to prevent identity theft. Even if a criminal has your information (SSM, Date of Birth, Full Name) he is stopped from opening new accounts in your name by the credit freeze.

Fraud alert is much more limited. It doesn’t block access to your credit file, and it has to be renewed every 90 days. The only thing it does is to attach a warning to your file stating that your identity should be verified before opening new account in your name.

There are a few more differences between Credit Report Lock and Fraud Alerts:

1. Credit lock should be placed desperately on each of your files with the 3 major credit bureaus. When you put fraud alert with just one credit bureau, it automatically notifies the other two bureaus that they must follow.
2. it cost money to lock credit report. Fraud alerts are free of charge.
3. Credit freeze lasts until you positively remove it. Fraud alert last 90 days, and has to be extended manually.

.

For more information and links to the 3 major credit bureaus’ credit freeze request forms please see credit-freeze.html.

[Author]

Posts