A credit freeze, or security freeze, is a measure that involves restricting access to your credit report, making it difficult for identity thieves or scammers to open accounts in your name with the information found on your credit report.

According to the U.S. Consumer Financial Protection Bureau (CFPB), a credit freeze is a free option for all consumers. Implemented in September 2018, it is an option available to all users to protect their identity. Likewise, as a parent, you can freeze your child’s credit, if he or she is under 16 years old.

Here’s the process you should follow to freeze your credit if you require it for security.

How do I freeze my credit in the U.S.?

To freeze your credit, you will need to contact the three major consumer credit reporting bureaus in the United States: Equifax, Experian and TransUnion, individually:

1) Equifax: Call 800-349-9960 or contact their staff through their website.

2) Experian: Call 888-397-3742 or contact their staff through their website.

3) TransUnion: Call 888-909-8872 or contact their staff through their website.

You may be required to provide certain information to these credit reporting agencies in order to place a credit freeze, including your Social Security number, date of birth and home address. Therefore, make sure that you are contacting the legitimate personnel of these financial institutions, in order to protect all your personal data.

If you do the freeze process over the phone, you may have to answer a few questions to verify your identity, and they may need a copy of your passport or government-issued identification.

Should you freeze credit?

Freezing your credit is a security measure regulated by federal law. And it will affect you negatively. However, you should be aware that you will need to apply for a credit thaw if you plan to apply for a new line of financing, such as a loan or credit card.

The reason for this is that lenders must be able to access your credit report to determine whether or not to approve you for financing. The process of unfreezing credit usually does not take very long (usually only a few minutes), but it will require you to contact all of the consumer credit reporting companies you contacted in the first instance.

Also, keep in mind that, if your insurance company requires to see your credit report to determine the premiums you will pay for a specific coverage, placing a credit freeze could hurt you.

If I freeze my credit, will my credit score be affected?

Strictly speaking, freezing your credit will not negatively or positively affect your credit score.

However, you should know that even though you have frozen your credit, it does not mean that your credit score cannot change based on your monthly payments, your credit utilization ratio or your debts.

Hi, I am Nikesh Mehta, owner and writer of this site. I’m an analytics professional and also love writing on finance and related industry. I’ve done online course in Financial Markets and Investment Strategy from Indian School of Business. I can be reached at [email protected].