September 4, 2023
Question:
Could you possibly talk about pros/cons of putting a freeze on your credit report, how to do it, and what agencies are involved in the freeze?
Answer:
Pros: No one (including you) can apply for credit under your name and social security number. Even if someone were to get your information they could not actually access your credit.
Cons: If you need to apply for credit you will need to place a thaw with each credit agency. This will require logging into each site, but if you lose your password will be more difficult to accomplish.
This article from Nerd Wallet explains how to freeze your credit report and what agencies are involved: How to Freeze Your Credit - NerdWallet
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