Good credit is essential for getting a loan to buy a home or a car. Your credit report gives lenders information to determine if they are willing to loan you money. Building good credit is done by opening, using, and paying off a loan or credit card on time. You can use your credit cards through Google Wallet on a great Android phone, midrange or not.
However, if you aren’t doing something with your credit, it’s best to keep it locked down so that your information cannot be accessed or stolen. This process is also known as freezing your credit, and this guide walks you through how to do it.
What is freezing your credit?
Freezing your credits means that no one can access your credit report. Whether it’s a person trying to steal your identity or trying to open a loan in your name, they will not be able to. Before a creditor approves you for a loan, they check your credit report to make sure you meet their lending criteria. If they can’t access your credit report, they cannot check this information and, therefore, will not approve the loan. If you freeze your credit, you cannot open a new loan or credit card without first unfreezing it.
While freezing your credit limits access to your credit report to most people, some people can still access it. You can still access your credit report and check your credit score. Companies you use to access your credit score can also access your credit report. Creditors, such as banks or credit cards, you have an account with can check your credit report. Additionally, the government and debt collectors can access your credit report.
What do you need to freeze your credit?
There is some important information you need to request a credit freeze:
- Your social security number
- Your date of birth
- Your current address
To validate your identity or address, you may need one or more of the following documents:
- A copy of a government ID such as a license or a passport.
- A copy of a tax document, bank statement, or utility bill.
This information is used to verify your identity and make sure you are requesting this credit freeze.
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How to freeze your credit
Three major credit bureaus hold credit reports on you: Equifax, Experian, and TransUnion. Different lenders check with different bureaus when checking your credit report. For example, when applying for a mortgage, one company may check with Equifax while another may check with TransUnion. Your credit report should not vary much between the three bureaus.
To freeze your credit, you must contact each major credit bureau. Requesting a credit freeze is easy and can be done through an online request, over the phone, or through snail mail.
Online
- Equifax: Go to the Equifax Customer Service Center, tap the Place a Freeze button under Freeze Your Equifax Credit Report, and follow the instructions.
- Experian: Go to the Experian Freeze page, create an account, and follow the instructions.
- TransUnion: Go to the TransUnion Credit Freeze page, tap Add a Freeze, and follow the instructions.
On the phone
- Equifax: Call 1-800-349-9960.
- Experian: Call 1-888-397-3742.
- TransUnion: Call 1-888-909-8872.
By mail: In your mailed request, include your legal name, address, social security number, and date of birth.
- Equifax: Mail a request to Equifax Information Services LLC, P.O. Box 105788, Atlanta, GA 30348.
- Experian: Mail a request to Experian Security Freeze, P.O. Box 9554, Allen, TX, 75013.
- TransUnion: Mail a request to TransUnion, P.O. Box 160, Woodlyn, PA 19094.
How to unfreeze your credit
While freezing your credit is a good idea, there are times when you need to open a new credit card or loan. In these instances, you’ll need to unfreeze your credit. To do so, use the same method you used to freeze it at each credit bureau.
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Credit is necessary for getting approved for a loan or credit card, so keeping your credit secure is important. The credit bureaus make it easy to freeze your credit and keep it locked up until you need it. If you’re considering opening a credit card or applying for a loan, monitor your credit with a great Android app.
