Ask Terry Questions Credit Freeze?

Credit Freeze?

By Terry Savage on September 10, 2017 | Credit/Debt

Due to the Equifax data breach, my husband and I have received our credits reports and placed fraud alerts. However, could you explain the pros and cons of a credit freeze? Are there charges to apply a freeze and charges to remove a freeze in Illinois? We are not applying for loans or credit cards at this time. However, I am concerned if our SS#'s are compromised. Is a credit freeze necessary, if fraud alerts are in place? So many questions, your advise would be appreciated. Thanks, Pam

Terry Says

There is no reason NOT to freeze your credit at this stage of your life,if you're  not planning to buy or refi your house, open new credit cards, or buy a new insurance product. It should cost about $25 to freeze, and again to unfreeze, your account at each of the three bureaus. ( If you have been the victim of fraud, there is no charge.). You can always suspend the freeze temporarily, if necessary. The freeze prevents anyone from opening new credit in your name  it also prevents legitimate credit grantors from checking your credit But you must freeze with each of the three major bureaus. Here are the numbers: Equifax: 1-800-685-1111 Experian: 1‑888‑397‑3742 TransUnion: 1-888-909-8872 its a small price for peace of mind.



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