What is a Credit Freeze?
Some, but not all states allow you to place a Credit Freeze with the three credit bureaus. This means that no new creditors will be able to access your credit report for any reason. Any new account that you or a potential identity theft try to open will simply not be opened. In order to place this freeze, there is usually a fee that must be paid to each credit reporting agency that is usually $10. So to completely freeze your credit would cost $30. If you actually do wan to obtain credit, you must unfreeze your credit, which may also have a cost associated with it. Then to freeze it incurs a charge again. Obviously this is not very convenient but if you are currently a victim of identity theft or recently had personal information stolen, it may be a good option.
