cancel
Showing results for 
Search instead for 
Did you mean: 

Security freezes

Highlighted
Established Contributor

Security freezes

If I have all the cards I need for now. Is it safe to place security freezes on all my accounts so no one can try to steal my identity? I was reading that current creditors may have access and that is all i need.

Message 1 of 15
14 REPLIES 14
Highlighted
Super Contributor

Re: Security freezes

Yes.  It is safe and actually wise to do that.  Security freezes are a good option for a person who is not going to be opening more credit accounts (including installment loans) AND who can also see that when he resumes opening accounts it will be somewhat rare.  Freezes can be frustrating to manage for people who may be frequently applying for credit either soon or down the road.

 

While you are at it, if you are also confident that you will not be opening bank accounts, you should consider freezing two others CRAs: ChexSytems and EWS (Early Warning Systems).  Bad guys often try to open bank accounts in innocent people's names.

Message 2 of 15
Highlighted
Senior Contributor

Re: Security freezes


@Archange1 wrote:

If I have all the cards I need for now. Is it safe to place security freezes on all my accounts so no one can try to steal my identity?


Cards aren't the only form of credit but yes.  Additionally, you don't freeze your accounts.  You freeze your reports.  Even if you need credit in future you can lift freezes as needed.  Keep in mind that the CRA's are not the only concern with ID theft.  Freezing the big 3 will help and consider the secondary CRA's as well

http://files.consumerfinance.gov/f/201501_cfpb_list-consumer-reporting-agencies.pdf

but be aware that doing so won't necessarily prevent all possible forms of ID theft.

 

Also make sure that you continue to regularly monitor your reports and active accounts.

Message 3 of 15
Highlighted
Super Contributor

Re: Security freezes

Great catch by Takeshi.  You don't freeze your accounts.  It's the reports (and access to them) that gets frozen.  (Though existing creditors still can pull your reports.)

 

Here are some links that will give you more information to help you make the best decision for you:

 

http://consumersunion.org/pdf/SecurityFreeze-Consider.pdf

 

http://www.consumer.ftc.gov/articles/0497-credit-freeze-faqs

 

 

Message 4 of 15
Highlighted
Valued Contributor

Re: Security freezes

Yes do this. I recently received a denial letter from Allstate Insurance because they couldn't access my reports. Which would be fine, if I initiated the report pull, but I didn't. Someone was trying to open up insurance in my name and it was denied because they couldn't access my reports. So freezing helped me out there from potential insurance fraud.

Personal:

Business:


Message 5 of 15
Highlighted
Established Contributor

Re: Security freezes

wow, thanks guys. I will read up on all the info you gave me. I appreciate it and sorry for the late response.

Message 6 of 15
Highlighted
Frequent Contributor

Re: Security freezes

Question... maybe I'm skimming what I've been reading too fast. Is it $10 a month or a one time flat fee? I'm assuming it's monthly from all three, CB's? 

 

Definitely want to do this now that my scores are in the mid to high 700's now. 

Cap1 Quicksilver || Amex BCP || Discover IT || Chase FU || BofA Travel || FNB Omaha Platinum Visa


Message 7 of 15
Highlighted
Established Contributor

Re: Security freezes

It's a flat fee, $10 to freeze, and some charge $10 to unfreeze

Message 8 of 15
Highlighted
Frequent Contributor

Re: Security freezes

Thank you, Stellar. 

 

 

Cap1 Quicksilver || Amex BCP || Discover IT || Chase FU || BofA Travel || FNB Omaha Platinum Visa


Message 9 of 15
Highlighted
Frequent Contributor

Re: Security freezes

Just placed my freezes... I somewhat feel safe, lol. 

Cap1 Quicksilver || Amex BCP || Discover IT || Chase FU || BofA Travel || FNB Omaha Platinum Visa


Message 10 of 15
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.