Asking for a Friend - What are the pros/cons of putting a freeze on your credit report?

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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