Whether to freeze your credit is a decision to make based on your personal situation and preferences. All the credit bureaus are also currently being inundated with requests for credit freezes due to Equifax’s negligent data security, so prepare for possible delays.Ĭlick on the name of each credit bureau below if you want to go to through the credit freeze process. The credit bureaus typically request submission of several documents to verify your identity. Be prepared to spend a little time working through the application process. To actually freeze your credit, you have to apply for the freeze at each credit bureau separately. Cost of a Credit Freeze (Texas)Ĭlick on the credit bureau in the table to get more details or see the cost in other states. Note that there are a few more ins-and-outs to the cost, but the figures below will apply to most people. There is not an ongoing cost unless you need to temporarily lift the freeze to have a lender pull your credit, or you decide to completely remove the freeze. To actually implement the credit freeze, the cost is $30 plus applicable taxes. Here is an overview of the cost of having a credit freeze in Texas. On the flip side, identity theft is a much bigger headache. Second, it is an inconvenience because of the need to lift the freeze any time you want to apply for credit. First, unless you have been a victim of identity theft (and can substantiate it with documentation, usually a police report), there is a cost to place a credit freeze and each time you want to lift it. Once a credit freeze is in place, you can only apply for credit by temporarily “lifting” a security freeze so the lender can pull the credit report.īefore moving forward with a credit freeze, you should know a couple things. Option Two: Credit FreezeĪ credit freeze is essentially the “nuclear option” because it stops anyone, including yourself, from using your credit report to apply for credit. It provides a few additional benefits, such as $1,000,000 in identity theft protection. If you don’t do anything else, at least sign up for the complimentary Equifax credit monitoring (TrustedID Premier). While it is good to know if you are a victim of identity theft, it is preferable to prevent it in the first place! That’s where a credit freeze comes in. The biggest problem about credit monitoring is a user is only alerted after credit is taken out in his or her name. The primary purpose of credit monitoring is to alert the user when key changes are made to any of his or her credit reports. Credit monitoring can also be purchased from TransUnion, Experian, or other third-parties. After Equifax managed to compromise the sensitive information of half the country, many people are wary of the protection Equifax is providing. The enrollment period ends on Tuesday, November 21, 2017. Option One: Credit MonitoringĮquifax is offering all Americans with a Social Security number one year of their identity theft protection and credit file monitoring product, TrustedID Premier, free-of-charge. It is best to rotate through the three agencies so you pull a different credit report every four months. You should also pull your credit reports regularly from You are entitled to a free credit report each year from Equifax, Experian, and TransUnion. At a minimum, you should either start a credit monitoring service or initiate a complete credit freeze. You don’t have to do anything, but that isn’t an advisable course of action. Based on the number of Americans who had their information compromised, it is a relatively safe assumption that if you have a credit file it is in the hands of the criminals. The computer network was compromised for about 2.5 months, from mid-May through July. On September 7, the credit bureau Equifax announced criminals had breached its computer security systems and obtained sensitive information for more than 140,000,000 Americans.
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