The "Security Freeze” law does not specify what information the credit reporting agencies may require to place a freeze on your credit reports. Send a written request via certified mail or by using another method authorized by the credit reporting agency. Therefore, you should continue to regularly check your monthly bank account and credit card statements for signs of any suspicious activity. In addition, a freeze will not prevent a thief from fraudulently using your existing credit card or bank accounts. Since there may be a delay between the receipt of your request and the actual lift or removal, it is important to plan ahead to ensure that your credit report is accessible for purchases and other significant transactions. Since a freeze blocks third parties from accessing a consumer's credit report, it makes it very difficult for a potential identity thief to fraudulently open a new account in your name.įreezes may delay, interfere with, or prohibit the timely approval of new loans, credit, mortgages, government services or payments, insurance, rental housing, employment, investments, licenses, cellular phone service, utility service, digital signature, Internet credit card transactions, and extension of in-store credit. Businesses generally do not extend credit to an individual without first checking his or her credit report. Unlike many identity theft protection methods which are only effective after identity theft has occurred, credit report freezes can help protect consumers from identity theft before it happens.Ĭredit report freezes are designed to prevent thieves from opening new accounts in the consumer's name. This article has been viewed 1,354 times.A credit report security freeze generally allows a consumer to block access to his or her credit report by third parties (such as credit lenders or other companies) who are not exempted under law.Īll Virginians have a right to obtain a freeze on their credit report from the individual credit reporting agencies. Jonathan has been featured in the New York Times, the Wall Street Journal, Money Tips, Mindful Magazine, and Business Insider among others. He also earned his Accredited Investment Fiduciary (AIF®) credential from Fi360.
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He studied Financial Analysis at the CFA Institute and earned his Certified Private Wealth Advisor (CPWA®) designation from The Investments & Wealth Institute. With over 25 years of financial advising experience, Jonathan is a speaker and the best-selling author of "Mindful Money: Simple Practices for Reaching Your Financial Goals and Increasing Your Happiness Dividend." Jonathan holds a BA in Philosophy and Religious Studies from Montana State University-Bozeman. Jonathan DeYoe is a Financial Advisor and the CEO of Mindful Money, a comprehensive financial planning and retirement income planning service based in Berkeley, California. This article was co-authored by Jonathan DeYoe, CPWA®, AIF® and by wikiHow staff writer, Jennifer Mueller, JD. This article has been viewed 1,354 times. There are 7 references cited in this article, which can be found at the bottom of the page.
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