Cyber Security Awareness Month: How (and Why) to Freeze Your Credit Report
10/29/2024
In an age where personal information is more vulnerable than ever, taking proactive steps to protect your financial identity is crucial. One of the most effective ways to safeguard yourself against identity theft is by freezing your credit report. At Bank of Little Rock, we want to help you understand how credit freezes work and why they might be a smart move.
What Is a Credit Freeze?
A credit freeze, also known as a security freeze, restricts access to your credit report, making it harder for identity thieves to open new accounts in your name. When your credit is frozen, lenders can’t pull your report unless you unfreeze it, making it an effective preemptive measure against fraud.
Why Should You Freeze Your Credit?
Here are some key reasons to consider freezing your credit:
- Prevent Identity Theft: If someone has your personal information (such as your Social Security number), a credit freeze makes it more difficult for them to open fraudulent accounts in your name.
- Preemptive Security: Even if you haven’t experienced identity theft, a freeze adds an extra layer of security for peace of mind.
- Easily Manageable: You can unfreeze (or “thaw”) your credit temporarily or permanently, allowing legitimate credit checks when needed, such as when applying for a loan or mortgage.
How to Freeze Your Credit Report
Freezing your credit is simple and free. You’ll need to contact the three major credit bureaus individually and request a freeze:
- Equifax: www.equifax.com or 1-800-685-1111
- Experian: www.experian.com or 1-888-397-3742
- TransUnion: www.transunion.com or 1-888-909-8872
Each bureau will provide you with a PIN or password that you can use to unfreeze your credit when necessary.
Important Things to Know
- It Won’t Affect Your Credit Score: A credit freeze does not impact your credit score or prevent you from applying for credit—it just requires an extra step when you’re ready to open new accounts.
- You Can Still Use Your Accounts: A freeze won’t affect your ability to use existing credit cards or bank accounts.
- Free for All: Since 2018, freezing and unfreezing your credit is free for everyone, thanks to federal law.
Our Commitment to Your Financial Security
At Bank of Little Rock, we are dedicated to helping you safeguard your financial health. Freezing your credit is just one way to protect yourself from fraud. If you have any questions or need assistance with managing your credit, our team is here to help.
If you’re concerned about identity theft or want to learn more about protecting your personal information, don’t hesitate to contact us.