Why Freeze Your Credit?

Many of us who have reached a point in life where we no longer borrow money for cars, homes, TV's or whatever,  and worry about identity theft, may be interested in placing a "credit freeze" on their credit information held by the major credit reporting agencies.  If a thief then tries to buy a Lamborghini or open an account at Nordstrom's, using your identity, the lender can not see your credit information and is unlikely to extend credit to the thief. IIn the event that you do wish to use credit the freeze can be lifted either temporarily or permanently. Lifting a freeze now takes only a few minutes.
   A few entities can access your records even after a freeze is in place.  These include some government agencies and anyone with whom you already have a credit account such as your mortgage holder and your present credit card companies.
   There are downsides to a freeze.  If you need credit in a hurry, as when a department store offers you 20% off your current purchase if you will only sign up for their credit card, you may not be able to do this.  If you want to get an online insurance quote it may not work.  You will need to lift the freeze to buy most insurance, open an account at a new bank or to sign up with a new cell phone company..
About fees:  The usual cost is $10 to place a freeze with one company.  The cost to lift a freeze temporarily or permanently is another $10.  If you are married each spouse should place a freeze with each company, that's $60!  If you have been a victim of ID theft already those fees can be waived.  
If you are 65 years of age or older: There is no fee to place a freeze.  If you wish to lift a freeze temporarily it is free at Equifax, free at Transunion (if you do it online) but $10 at Experian.
      If you want to read the Attorney General's letter about this, click here. If you want to visit the Attorney General's web site relating to credit freeze, click here.
I strongly recommend visiting the Attorney General's web site.  Scroll down to the security freeze section where you can find out how to apply for a freeze online, which is much easier than doing it by mail.  It also has the information  needed to lift a freeze, also most easily done online.
If you prefer to place a freeze using certified mail then click here for help. This information is also available on the Attorney Genereal's site mentioned above.

     Feel free to call me if you have any questions about this at   884-3559.                                       

                                                                Bob Geiberger