How to freeze a credit report

Category: Credit


The option to freeze a credit report has been made available to consumers as a way to stop a credit reporting bureau from releasing your personal credit information and history without your permission. Commonly known as a security freeze, this is usually done when a consumer suspects that he or she is at a high risk of fraud and/or identity theft. If you are thinking about freezing your credit report, keep in mind that this may interfere with, stop, or delay any loan application that is currently pending. In addition to loans, this could also hinder anything that requires a credit check—such as opening a utilities account, applying for a job or rental housing, or applying for an increased line of credit with a current lender.

If you plan on freezing your credit report, you should contact all three of the major credit reporting bureaus with your request to do so. You will need to supply ample information to verify your identity; usually, this will include your full legal name, contact information, date of birth, and Social Security number. You’ll usually need to submit this information in writing and with accompanying copies of paperwork and documents that can verify your identity. You should contact each individual agency to find out what their specific guidelines are and what their fees are. The typical fee for freezing a credit report will usually range anywhere from $3.00 to $10.00. Once you decide you want to lift the credit report freeze, you’ll have the option of permanently lifting it or temporarily lifting it.

Another option aside from completely locking your credit report is a fraud alert. When you have the credit reporting agencies issue a fraud alert, a notice is placed on your credit report requesting lenders to verify your identity prior to issuing any credit in your name. This will typically involve contacting you by phone to confirm that you were the one, in fact, applying for a loan or additional credit, which can help to prevent your identity from being stolen and from unauthorized charges being made in your name.

Are you receiving structured settlement payments, but you need money to take care of bills and expenses? Instead of receiving your cash on a periodic basis, why not take advantage of your right to receive cash now? This is done through a process known as settlement funding. With settlement funding, you have the option of selling some or all of your future annuity payments and receiving that money now in a larger lump sum payment. To find out how you can get started and for your free quote, contact Peachtree Financial Solutions today.

Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services

Tags: credit checks, credit reports, identity theft

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