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Comparing Credit Locks, Fraud Alerts and a Credit Freeze

Placing a credit lock, fraud alert and credit freeze with each of the three major consumer reporting agencies (CRAs) – Equifax, Experian and TransUnion – can help minimize fraudulent attempts to use your personal information, including your Social Security Number (SSN), to gain access to new lines of credit. Read on to decide which option is best for you or contact an Identity Theft Resource Center (ITRC) Advisor with questions about your options.

 

  • Fraud Alert
    • Initial or Temporary Fraud Alert
      • A fraud alert is a notice placed on your credit file to alert existing and new creditors to take extra steps to verify your identity before issuing a new line of credit because you may be a victim of fraud.
      • It is free.
      • It lasts for one year and can be renewed.
    • Extended Fraud Alert
      • It is like an initial or temporary fraud alert. However, you must be a victim of identity theft and have an identity theft report from the Federal Trade Commission (FTC) or a police report as proof.
      • It is free.
      • It lasts for seven years.
      • The CRAs will remove your name from marketing lists for credit and insurance offers for five years unless you decline.
    • Active-Duty Fraud Alert
      • It is like an initial or temporary fraud alert, but you must be an active-duty service member.
      • It is free.
      • It lasts for one year and can be renewed. If deployed, it can be renewed for the length of your deployment.
      • The CRAs will remove your name from marketing lists for credit and insurance offers for two years unless you decline.
  • Credit Lock 
    • A credit lock is like a credit freeze in that it is a way to prevent unauthorized use of your credit by preventing access to your credit report by companies with whom you don’t already do business so new accounts cannot be opened using your information.
    • Credit locks are not governed by federal law.
    • Fees vary per CRA and typically involve enrollment in a program with options for additional benefits.
    • It lasts for as long as you are enrolled or until you unlock your report.
  • Security or Credit Freeze 
    • Independent Adult (18 or older)
      • A credit freeze is a way to prevent unauthorized use of your credit by preventing access to your credit report by companies with whom you don’t already do business so new accounts cannot be opened using your information.
      • Credit freezes are governed by federal law.
      • It is free.
      • It lasts indefinitely or until you unfreeze or temporarily “thaw” your report.
    • Child (Minor) (under 18) or Dependent Adult
      • A credit freeze for a minor or dependent adult allows a parent or guardian to freeze access to a child’s credit file so new accounts cannot be opened using the minor’s or dependent adult’s information.
      • It is free.
      • It lasts indefinitely or until the parent or guardian unfreezes the report or if the child unfreezes the report at age 16 or older.
      • Minors who are 16 or 17 can request a credit freeze.

If your personal information has been compromised or is being misused, the ITRC strongly urges you to place a fraud alert and a credit freeze on your credit report files.

  • Fraud Alert
    • Pros
      • It is a simple way to make it more difficult for other entities to open new lines of credit using your personal information.
    • Cons
      • It must be renewed.
      • It does not prevent bad actors from opening new financial accounts with companies you do not do business with using your information.
  • Credit Lock 
    • Pros
      • It’s a method to prevent unauthorized entities from accessing your credit report to open new lines of credit using your personal information.
      • It is more secure than a fraud alert.
      • “Locking” and “unlocking” your credit report is faster than “freezing” and “thawing” your credit report.
    • Cons
      • It requires enrollment in a separate program.
      • It can cost money.
      • Is not governed by federal law.
      • New accounts can be opened by a creditor with whom you already have an established relationship.
  • Credit Freeze  
    • Pros
      • It is a method to prevent unauthorized entities from accessing your credit report to open new lines of credit using your personal information.
      • It is more secure than a fraud alert.
    • Cons
      • New accounts can be opened by a creditor with whom you already have an established relationship.

A fraud alert or credit freeze should be placed with each CRA separately.

Contact the ITRC

If you have questions about fraud alerts, credit locks or a credit freeze, contact an ITRC Advisor. You can speak with one toll-free by calling or texting 888.400.5530 or visiting our website to live chat during our regular business hours, Monday-Friday, 6 a.m.-5 p.m. PT. You can leave a message for an advisor if you contact us outside of our business hours, and we will respond the next business day. Just visit www.idtheftcenter.org to get started.

This information should not be used in lieu of legal advice. Any requests to reproduce this material, other than by individual victims for their own use, should be directed to [email protected].