![]() ![]() This was passed recently to offer more protections and security measures to consumers. The good news is that thanks to the Economic Growth, Regulatory Relief, and Consumer Protection Act you can put a security freeze on your credit report for absolutely free. Instead, this consumer can request that Capital One pull a report from a different credit bureau. Of course this all depends on what information each credit bureau has.Īs you can see in the letter below, this consumer was rejected by Capital One based on info from Experian, as this account was frozen. If you know which bureau the bank will pull from, and there’s a negative mark on that account, you can put a freeze and they will likely have to go through another credit bureau. A fraud alert allows creditors to get a copy of your credit report as long as they take steps to verify your identity.Īnother interesting thing that we found is that a credit freeze could potentially boost your chances of getting approved for credit. According to the FTC, “A credit freeze locks down your credit. It’s important to note that getting a security freeze is different than having a fraud alert on your account. If you want to be proactive, you can also initiate a freeze on your credit report. You want to put a halt to any outsiders who may have access to your information. If you’re dealing with identity theft or fraud, getting a credit freeze can make sense. Below, you can see what it can look like when you have a freeze on your credit report. The freeze essentially stops any intruders from accessing your personal information, so you can keep your info safe. ![]() The account holder receives a personal identification number (PIN) and can only lift the freeze with that number.Ĭredit freezes can be helpful to stop and prevent any further instances of fraud and identity theft. It’s putting a freeze on your credit, so that no one can access it aside from the account holder. All You Need to Know About a Credit FreezeĪ credit report freeze commonly referred to as a security freeze, is just what it sounds like. Read on to learn what a credit freeze is and how to get one. What can you do to protect yourself and your information? When managing credit, one thing to do is to get a credit freeze. In today’s world, fraud and identity theft occur at an alarming rate. Unfortunately, this kind of stuff happens all the time. Have you ever felt like people were accessing your personal information on your credit report? Have you ever dealt with a credit line opened in your name - but it wasn’t you? ![]()
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