After a major data breach, many people consider freezing their credit reports. It's not a bad idea if you don't need access to it right away. It can give you peace of mind if someone does get your social security number or other information that can lead to identity theft. Social security numbers cannot be replaced like credit card numbers. It can take years and cost thousands to clean up the mess. And it is possible that it can happen to you more than once. Freezing your credit is the best way to prevent new accounts from being opened with your SSN but it does not protect existing bank accounts or credit cards. This is where credit monitoring services can be beneficial as they watch over your SSN and current accounts and notify you about new activity.
What is a credit freeze? A credit freeze will prevent anyone from viewing your credit file and reports or opening credit in your name. When you apply for a credit card, a loan, or even living quarters, you are evaluated based on your credit. The freeze prevents it from being released from the major credit bureaus.
Activating a freeze: You must contact each of the bureaus independently to add a freeze. You can do this either online or by phone (see the information at the end of this article). Some states allow them to charge a fee to do this.
Information you will need: To place a freeze, the bureaus will ask for some information:
- Your name
- Your Social Security number
- Your birthdate
- Your current address
- Your former address
- A payment card (in some cases)
- A PIN that you choose to lift or reapply a freeze
Freezing and unfreezing your credit file: You can still get access to your file after a freeze is put on it. You just have to contact the bureaus to do so. Check with them as to lead-time for temporarily unfreezing and refreezing and if there are any fees associated with doing so. Just be aware that this process may delay any approvals for credit. Each company has three days to lift your freeze once they receive your request.
Length of a credit freeze: A freeze will stay on your reports until you lift them.
What if my personal information is hacked? No one can freeze or unfreeze your file unless he or she also has your PIN associated with the freeze. Remember that credit monitoring and identity theft recovery services do not prevent fraud. They will alert you if someone tries to access your credit or if something looks amiss, or assist you to repair your identity in the case of identity theft. These services will not monitor your payment card purchases either. You will need to monitor your charges separately.
Here is the contact information for all three credit bureaus to place a freeze or to unfreeze:
Equifax:
https://www.freeze.equifax.com/Freeze/jsp/SFF_PersonalIDInfo.jsp
800-685-1111
Experian:
https://www.experian.com/freeze/center.html
888-397-3742
TransUnion:
https://freeze.transunion.com/sf/securityFreeze/landingPage.jsp
888-909-8872
Please know that First South Financial takes the security of your personal information very seriously and we impose rigorous standards and procedures to help keep your information safe. If you would like more information on how to protect yourself online,please visit the online safety page of our website.
