Does Freezing Your Credit Affect Your Credit Score?
Written by
Yaël Bizouati-Kennedy
Edited by
Maria Concepcion
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services - our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines and our products and services review methodology.
20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
A credit freeze, also known as a security freeze, can be very useful in some instances — such as being a victim of identity theft. These temporary freezes prevent you or others from opening accounts in your name and, thus, prevent identity thieves from opening a new credit account in your name, as the Consumer Financial Protection Bureau (CFPB) explained.
Trending Now: 6 Genius Things All Wealthy People Do With Their Money
Yet, many consumers also wonder whether these can affect their credit scores.
According to Clark.com, freezing your credit does not directly impact your credit score.
“It certainly will not lower it. Indirectly, freezing your credit can actually help improve your credit score (or at least keep it from dropping), because it prevents unwanted credit lines from being opened in your name,” Clark.com noted.
In addition, a credit freeze doesn’t prevent you from getting free copies of your credit reports every 12 months from each of the three nationwide credit bureaus through www.annualcreditreport.com, as Equifax explained.
It’s also important to note that Equifax added that you can temporarily lift the security freeze for a specific date range if you’re applying for credit, such as buying a new vehicle.
You can freeze or lift the freeze on your credit report for free by contacting each of the three major credit reporting agencies, Equifax, Experian and TransUnion, and you can submit your request online, by phone, or by mail, according to USA.gov.
In addition, agencies must freeze your credit report within one business day if you request online or by phone and within three business days if your request is made by mail.
As for unfreeze requests, agencies must lift the freeze within one hour if it’s done online or by phone, while they must lift the freeze within three business days if it’s done by mail, USA.gov added.
More From GOBankingRates
- Make Yourself Money Smart: 20 ChatGPT Prompts To Increase Your Wealth
- 8 Home Items To Avoid Buying at Dollar Tree This Spring
- 16 Best Places To Retire in the US That Feel Like Europe
- 3 Things You Must Do When Your Savings Reach $50,000
