Lenders will perform a hard credit inquiry on your credit reports when you apply for new credit. Defining Credit Locks and Credit FreezesĬredit locks and credit freezes block access to your Equifax®, Experian™ and TransUnion® credit reports. It may sound like these are the same tools, but they operate a bit differently. Placing a lock or freeze on your credit reports can accomplish this goal.
In other words, it keeps thieves from using your stolen information against you. Accepting the fact that your personal information probably isn’t safe might be just the wake-up call you need to do something.īlocking access to your credit reports helps limit the damage if, and when, your personal identifying information is stolen. Īt the risk of coming off all doom and gloom, if you haven’t been a victim of ID theft yet, it may only be a matter of time if you don’t take the right steps to protect yourself. According to the Federal Trade Commission (FTC), they received fraud reports from 2.8 million consumers in 2021 (an increase of over 70% from 2020), with scams being the most reported. It seems data breaches and scams designed to hoodwink the public are becoming more common. Are you concerned about keeping your credit information safe from identity theft? You should be.
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