Security Freeze vs Credit LockWith each new data breach comes the question "Should I freeze or lock my credit report?". And that answer can depend on several factors. In order to understand which option may be best for you, let's first take a look at the difference between the two.
Security Freeze
This state-regulated capability is initiated by you, the consumer, and utilizes a PIN-based system to lift the freeze. A security freeze must be temporarily or permanently lifted to allow a creditor access to your credit file for a new credit or insurance transaction.
You can set up a credit freeze through any one of the three credit bureaus and as part of that process a 10-digit PIN will be issued to you. You will need to have your PIN in order to temporarily unfreeze or permanently unfreeze your credit. If you don't have your PIN handy, there are instructions for retrieving it on their website. If you choose to only give access to a specific lender, a 4-digit PIN will be provided that you will share with the lender so they may have temporary access to your credit file.
If you lose your 10-digit PIN, you will have to verify your identity with the credit bureau before they will send a new PIN.
Credit Report Lock
Locks are mobile-enabled and use identity verification techniques such as user names, passwords and Touch ID technology. This service provides you with the ability to lock or unlock your credit file via a website, a mobile device or a phone call.
If you've locked your credit report, you'll use the app or website of the provider with which you set it up to lock to unlock your credit file so a lender or insurance company can have access to it.
In choosing which option may be best for you, here are a few things to consider: - What are your current and future needs to apply for credit?
- Have you ever been a victim of identity theft?
- Have you been impacted by more than one data breach recently?
How you answer these questions can help you decide if you need to freeze or lock your credit file. Or you may find that you don't need to do either.
Here at First South Financial we take the security of our member's sensitive information very seriously and have procedures and processes in place to keep your information secure. If you have any questions, please feel free to contact us at
901-380-7400, email us at
mail@firstsouth.com or stop by any of
our banking centers.
