Locking credit report and 3 bureaus

Anonymous · ‎10-30-2018

Hi everyone!

So I just found out that there is an option to easy lock/unlock your credit report at all 3 credit bureau's web sites. What I'm wondering is: is there any difference between locking and freezing your CR? And also if I lock my CR at all 3 bureaus will someone be able to get a copy of my report at annualcreditreport.com or somewhere else? Thank you all!

thornback · ‎10-30-2018

Locking vs. Freezing:
https://www.nerdwallet.com/blog/finance/credit-lock-and-credit-freeze/

They're basically the same, but freezing is governed by fed law, locking is not. Locking may be more convenient- you can lock / unlock at will using the apps and it's instant (I've never had a freeze so cannot really speak on that). If reports are locked, your credit cannot be pulled (creditors with an existing relationship with you can still access your reports). To pull from annualcreditreport.com or similar site, you would have to unlock your reports. I keep all 3 of mine locked and it works well for me.

Freezing is free by law. Locking may be charged a fee for the service by each bureau but, at this time, Equifax and Transunion both offer a free lock service. Transunion also offers an 'upgraded' service that will allow you to lock / unlock and monitor both Transunion and Equifax reports, in one app, for a small monthly fee. Experian's lock service is incorporated in their daily report monitoring service and is not free (pricing depends on which EX service you select).

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blindambition · ‎10-30-2018

@Anonymous wrote:
Hi everyone!
So I just found out that there is an option to easy lock/unlock your credit report at all 3 credit bureau's web sites. What I'm wondering is: is there any difference between locking and freezing your CR? And also if I lock my CR at all 3 bureaus will someone be able to get a copy of my report at annualcreditreport.com or somewhere else? Thank you all!

Locks were introduced as an easier option. Also a way for CRA to charge a fee, since a freeze is now free by law.

A freeze requires a pin which will be provided by CRA. A freeze will also give you legal protections a lock won’t.

I recommend a freeze. Once you have frozen/unfrozen a time or two, not a tedious procedure.

EX charges after 30 days on locks. I believe TU and EQ are both free for the moment.

Anonymous · ‎10-30-2018

Only Experian charges a fee, I have their Identityworks for $9.95/month for daily EX FICO8 and report update and monitoring, identity monitoring and credit lock. Both Transunion (trueidentity) and Equifax (lock & alert) are free with credit lock and dialy report update and monitoring.

Anonymous · ‎10-30-2018

I also recommend a freeze. It really isnt that hard to unfreeze. It takes 1-2 minutes on their website and you receive a confirmation and everything. Regardless of what you choose, as long as you have one of them, you are better off than those people who keep their credit reports permanently open.

Medic981 · ‎10-31-2018

Freezing your credit is free in all states under a new law following Equifax breach. One of the best ways to protect yourself from identity theft is now free. As of Sept. 21, a new federal law allows people to freeze and unfreeze their credit at the three major credit bureaus without being charged.