Lock vs Freeze: Can someone help me understand...

[CashBackQueen]

What is the difference between a lock and a freeze? I'm finding lots of mixed information online and on previous FICO forum answers. I have a freeze on all my reports. It was free, fast, easy, and I can unfreeze or temporarily "thaw" just as easily. But I also see an option to "lock" which is a paid feature. Why would anyone need to lock when you can freeze just the same? Am I missing something?

[thornback]

Security freezes are regulated by law - so you have more recourse should it fail - also the reason its free for all bureaus.  Locks are not regulated and so you'd have little to no recourse should it fail.

Freezes require a PIN to thaw, Locks do not require a PIN to unlock (just standard username and password). Needing a PIN for each may or may not be considered inconvenient. 

And that's really it. 

Locks are offered for free by Equifax and Transunion. Experian requires a paid subscription. 

[blindambition]

They essentially have same function, preventing access to report, unless a party already has permissible purpose. Like a lender you already do business with.

A lock is easier to control, not using access code like a freeze does. With that said, a freeze has state/federal protections, which don't extend to a lock. For that reason alone, a freeze is best option.

[Curious_George2]

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@thornback wrote:

Freezes require a PIN to thaw, Locks do not require a PIN to unlock (just standard username and password). Needing a PIN for each may or may not be considered inconvenient. 

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Minor point: The bolded part is no longer true. It was true a few years ago, but now two of the three bureaus don't require a PIN to manage a freeze. I think the one that still does is EX, but not 100% sure. 

[thornback]

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@Curious_George2 wrote:

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@thornback wrote:

Freezes require a PIN to thaw, Locks do not require a PIN to unlock (just standard username and password). Needing a PIN for each may or may not be considered inconvenient. 

---

Minor point: The bolded part is no longer true. It was true a few years ago, but now two of the three bureaus don't require a PIN to manage a freeze. I think the one that still does is EX, but not 100% sure. 

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Thanks for that clarification - was unaware. 

[Anonymous]

Yeah freezes were created by Congress, the bureaus in response Created locks to market and monetize to make money and allow you a way to think you were protected without them having any liability, imho.

The freezes are pretty convenient for me and Experian’s the only one I use a lock, just because I have the subscription.