What is a Credit Freeze?Ī credit freeze is a security technology that restricts access to your credit report, but it’s also protected by law. However, be warned, a credit lock is not government-sanctioned or regulated, so you are not as protected with a credit lock as you are with a credit freeze. Credit bureaus are pushing this newer service because they often charge fees, and it’s quick and easy. It’s legal protection in contrast with credit lock.Īll three of the major credit reporting agencies (Equifax, TransUnion, and Experian) allow you to engage a lock on your credit. The main difference between a credit freeze and credit lock is that while freezing your credit you restrict access to your credit report. What is The Difference Between a Credit Freeze and Credit Lock? Let’s explore a credit lock and a credit freeze to see, which is a better option for you. Both options prevent someone other than you, from accessing your credit report and using it to open new accounts. A couple of tools that people use to protect their identities are a credit lock and a credit freeze.
We, as consumers, must do all we can to protect ourselves against our most personal details falling into the hands of these perpetrators.īoth Experian and Equifax experienced serious data breaches, and millions of Americans were affected. Now more than ever before, our credit and identities are at risk from cybercriminals, thieves, and hackers. With all our technology and connectedness comes a price, vulnerability.
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