You’re still vulnerable to existing account fraud, where a crook steals your credit or debit card number and starts buying things. It doesn’t keep the horse from getting out of the barn all it does is tell you the horse is gone.” A freeze isn't a silver bulletĪ security freeze is an important fraud-fighting tool, but it doesn’t stop all forms of identity theft, just the creation of new financial accounts in your name. “If you get credit monitoring for free, it doesn't hurt to combine it with a freeze, but credit monitoring doesn’t prevent identity theft – it simply alerts you to a problem. “A security freeze is the most effective measure you can take to prevent identity theft,” said Chi Chi Wu, staff attorney for the National Consumer Law Center. Keep in mind: The credit bureau websites are designed to sell you products and services, so use these direct links:ĭon’t confuse a freeze - or even a lock - with credit monitoring which looks for potential signs of fraudulent activity. After verifying your identity and answering some challenge questions, you’ll be issued a PIN for that account that must be used to freeze or thaw it. To secure your credit files, you’ll need to request a freeze at each of the three bureaus. A freeze does not hurt your credit score.A credit freeze does not impact current financial relationships, so it does not affect your existing credit card accounts, loans or mortgage.To apply for credit, you’ll need to thaw the account. How does it work and what will it do?Ī security freeze restricts access to your credit file, to prevent anyone from opening new accounts or taking out loans in your name - even you. Seventy-five percent of the 2,005 adults responding to the NerdWallet survey said they’d be likely to freeze their credit when a breach involved their information, if doing so were free.