Equifax followed in the footsteps of Trans Union by announcing that it will start allowing customers to place a “freeze” on their credit files. This precaution, which becomes available on October 15th, is designed to keep thieves from obtaining new lines of credit or taking out loans using stolen identities. These credit freezes are valid in every state.
Freezing one’s credit report could be beneficial for those who seldom use their credit, but who worry that someone else might. Both Equifax and Trans Union charge an annual fee of $10 for the freeze, and will likely charge additional fees to unlock the credit file again for legitimate uses. Those who can prove they’ve been the victim of identity theft can get a freeze for no charge.
But before you rush to freeze your own report, you should know that Experian is still holding out. Hopefully they will jump on the bandwagon; until they do, consumers are only partially protected from identity theft. How effective is a credit freeze if only two of the three credit bureaus offer it? Not very.
Freezing one’s credit report could be beneficial for those who seldom use their credit, but who worry that someone else might. Both Equifax and Trans Union charge an annual fee of $10 for the freeze, and will likely charge additional fees to unlock the credit file again for legitimate uses. Those who can prove they’ve been the victim of identity theft can get a freeze for no charge.
But before you rush to freeze your own report, you should know that Experian is still holding out. Hopefully they will jump on the bandwagon; until they do, consumers are only partially protected from identity theft. How effective is a credit freeze if only two of the three credit bureaus offer it? Not very.
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