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A Credit Lock Vs. Credit Freeze: What's the difference?
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(image: https://i.pinimg.com/originals/3d/f1/70/3df1700fcbbe8a90232321c0b6306061.png)Credit Lock vs. Credit Freeze What's the difference?
It's simpler to unlock your credit than to "thaw" the credit of those who have frozen it. A freeze could provide more legal security.
By Amrita Jayakumar Writer The Washington Post Amrita Jayakumar was a former special-assignment reporter for NerdWallet. She also wrote a syndicated column about the millennial generation and money. She also focused on personal loans and consumer credit as well as debt. Previously, she was a reporter at The Washington Post. Her work was published within The Miami Herald and USAToday. Amrita holds a master's degree in journalistic studies from The University ofMissouri.
Updated Sep 26, 2022
Written by Kathy Hinson Lead Assigning Editor Personal finance, credit scoring, managing money and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. In the past, she worked for 18 years working at The Oregonian in Portland in roles including copy desk chief and team director of design and editing. Her previous experience includes copy editing and news for several Southern California newspapers, including the Los Angeles Times. She earned a bachelor's degree in mass communication and journalism in the University of Iowa.
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A credit freeze as well as a credit lock are two methods to guard your credit reports against being used by fraudsters to open new accounts.
It is possible to see the terms "credit freeze" and "credit lock" employed interchangeably, and they provide similar security. Three credit report bureausthree bureaus namely Equifax, Experian and TransUnion are often promoting their credit lock options that can be accompanied by a monthly fee, alongside their credit freeze options which are completely free. One of the main differences is that it's easier to open the credit lock as opposed to "thaw" the credit freeze. However, a freeze could provide legal protections that a lock does not.
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When you're with the credit bureaus, you limit access to the credit report so most lenders can't see your credit report until you remove it. Since it is very unlikely for a lender to open a new bank account in your name without looking into your credit report, it protects you from fraud. You must use a password-protected account or a PIN.
Similar to the moment you secure your credit report, you restrict most lenders access. But , you can open your credit report immediately at any time, on your device or computer in the event that you decide to allow access.
Compare the effects of a credit freeze and a credit lock
When should you use a credit freeze
A credit freeze helps protect your credit report. It's a good option if you're a victim of identity theft, or believe that your personal information was compromised, as happened in . NerdWallet recommends freezing your account for the majority of customers as a measure to prevent.
Federal law requires credit bureaus to offer no-cost credit freezes or unfreezes. You can also for free.
You can thaw your credit report by providing the direct authorization to each one of these credit agencies, by using a password-protected account, or PIN.
The ability to freeze your credit report at all three bureaus is vital for securing your personal information. This is our guide on freezing your report, your report and your credit report.
You'll still be able to check your credit reports and score even in the event of the credit freeze . If you don't have a way to regularly check your report and score, consider joining NerdWallet for a summary, updated weekly.
How to utilize a credit lock
You can utilize a credit lock as a preventive measure to safeguard your data or in cases where your data has been compromised. Its convenience lets you quickly give lenders access to your report and immediately secure it once more -- if you're shopping for a new car or home such as.
As opposed to a freeze are not governed by federal laws. Service agreements for every bureau spell out that they don't provide uninterrupted service or fault-free operation.
As with an credit freeze, a credit lock is best if you register with each of the bureaus.
You can enroll for a credit lock at the websites of each bureau, and connect to the app that is specifically designed to lock or unlock your credit report. Each offers a more specific version of the credit locking so check exactly what you're signing up for.
is called Lock & Alert. The company claims that it's absolutely free for the rest of your life. The conditions of service do not include an arbitration clause , or a class action lawsuit waiver; that means you don't waive the right to file an action.
Experian bundles its credit lock along with other services. The least expensive choice, IdentityWorks Plus at $9.99 per month, comes with the credit lock, identity theft insurance and alerts for any changes to information in your credit report across all three bureaus. Its terms of service contain an arbitration provision as well as the waiver of class actions.
TransUnion's free product, managed under TransUnion's TrueIdentity brand, offers the option of locking and unlocking as well as other options, however the service agreement includes an arbitration clause as well as a class action waiver. It also requires users to accept receiving targeted marketing material.
About the writer: Amrita Jayakumar is a former writer at NerdWallet. She has previously worked for The Washington Post and the Miami Herald.
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