Because I'm so protective of my financial health, identity theft scares me like When a Stranger Calls (the original) scared me in elementary school. Identity theft comes with its own version of a horror movie, and the financially and emotionally draining aftermath can take years to clean up. While freezing your credit report isn't an option if you're currently applying for new credit or loans, it could be a good option for those of us who aren't planning on making any new credit moves any time soon.
Freezing your credit report means that you can't be considered for new credit until you've disabled the freeze. This isn't a solution that comes without its own hassles. You'll have to pay a small fee to place or lift a freeze, it takes a few days to get a freeze removed, and there's a PIN number you'll need to keep track of and will need to use whenever you lift a freeze. Do you think the peace of mind achieved from knowing a thief can't open new credit in your name is worth these hassles?
Start London
Jerome Dreyfuss
Rizzo
i didn't even know you can freeze your credit! but won't this mean i can never use my credit cards again?
1i didn't even know you can freeze your credit! but won't this mean i can never use my credit cards again?
2You're not freezing your credit, just your credit report. You could still use your current cards, but if you wanted to apply for new credit you'd need to lift the freeze.
3If someone tries to check it, can they still do that? Like, if you sign a lease or apply for a job?
4I bank with Wellsfargo, and last fall someone in europe was able to get my credit card # by tracing my typing on my keypad.. Thankfully my bank picked it up as suspicious (seeing that it was used in 2 different countries in the same day) and called me. After that, I signed up for identity theft protection where they alert me if anything changes on my credit, and I get a quarterly report on my score.. That's worked great for me, and sounds like less of a hassle than freezing.. If it's a big fear, I highly recommend spending 10 bucks a month on this.
5I was not aware you could do this. Does this apply to student loans? Because I was planning to go back to school, if possible...
6This sounds like a great idea if you're traveling for an extended period of time or if you're in between moves. I know my mail used to get lost all the time between my old address and new address. This sounds like the perfect thing to do in case someone else gets your mail and tries to do unscrupulous things with it.
7i guess that makes sense once your at a certain age - but for myself for now - it wouldn't work so well. not that i'm considering any new credit cards or what not -but i lease my car and i have a mortgage, but i'm probably going to consider buying a new house soon, so it wouldn't be the best time for me. at least i monitor my credit report each month to see what's going on with it.
8This is a fab idea. Thanks Savvy. This is particularly great if you have family members or someone trying to use your information to obtain credit cards.
9I'd rather use a bank's ID theft protection program than freezing my credit report...it just seems like too much of a hassle.
10yes, when a stranger calls. creepy.
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