Fraud Alert Credit Lock & Credit Freeze Information
Fraud Alert
If your wallet has been lost or stolen and you are concerned about being a victim of credit fraud, a fraud alert can be placed on your credit report.
- The fraud alert does not “lock down” your credit but will make any business opening an account follow additional steps to verify your identity because they will be notified that there may be fraud associated with your credit report.
- The fraud alert will last for one year but can be renewed. It’s free.
- Notifying one credit bureau is all it takes, they will notify the other two.
Credit Lock
Another option for securing your credit report, offered by all credit bureaus, is called a Credit Lock. It allows you to log in, lock and unlock your credit report, at will. There may be a fee affiliated with this service.
Credit Freeze / Security Freeze
An additional layer of protection is a credit freeze. This will prevent anyone – including you – from getting new accounts in your name. When applying for new credit, plan ahead and unfreeze your credit before starting the application process.
- Typically, freezing and unfreezing credit is free.
- Each credit bureau (Equifax, Experian, and TransUnion) must be notified to establish a credit freeze.
- A PIN (Personal Identification Number) will be established with each bureau to allow the unfreezing of credit.
- When applying for new credit, notification to at least one bureau is required to unfreeze your credit. The new credit application will need to include the bureau where the freeze has been lifted.
- A credit freeze does not impact existing credit. Keep a close eye on established credit accounts for discrepancies.
- The credit freeze remains in place until it is requested, by you, to remove it.
Protecting Loved Ones
When considering whether to apply a fraud alert or security freeze, it may be important to think about long-term planning for ourselves and our loved ones. If new credit applications in the future don’t seem likely, placing a security freeze may be a good idea. This will prohibit anyone from opening new credit accounts or increasing limits.
Scammers target individuals with cognitive decline, seniors, and the most vulnerable – asking them to send money or share credit information. A credit freeze can protect you and your loved ones during difficult times.
If a loved one is being placed in assisted living or hospice care and will no longer be opening new lines of credit, a security freeze can prevent future problems.
Credit Freeze for Deceased
Unfortunately, a fairly common scam of thieves is to read obituaries and apply for credit in the names of the recently deceased. If a security freeze is in place, the deceased will already be protected. But if not, it is advisable to call and place a fraud alert immediately on the credit report.
Once a death certificate is obtained, it is important to notify one bureau in writing, requesting “Deceased – Do Not Issue Credit.” The following will need to be provided:
- Copy of document(s) proving you are the executor or spouse; along with a copy of your ID (driver’s license)
- Copy of the death certificate
- Full name, date of birth, Social Security number, most recent address of the deceased
- Date of death
The bureaus communicate with each other and will update the credit on the deceased.
Contact the Credit Bureaus
Equifax
P.O. Box 105788
Atlanta, GA 30348-5788
1-888-298-0045
www.equifax.com
Experian
Experian Security Freeze
P.O. Box 9554
Allen, TX 75013
1-888-397-3742
www.experian.com
TransUnion
TransUnion Credit Freeze
P.O. Box 160
Woodlyn, PA 19094
1-800-916-8800
www.transunion.com
Free Annual Credit Report
www.annualcreditreport.com
Report can be run on frozen credit and will not affect credit score.