Free Credit Freezes

Security freezes, also known as credit freezes, restrict access to your credit file, making it harder for identity thieves to open new accounts in your name. Starting September 21, 2018, you can freeze and unfreeze your credit file for free. You also can get a free freeze for your children who are under 16. And if you are someone’s guardian, conservator or have a valid power of attorney, you can get a free freeze for that person, too.

How will these freezes work? Contact all three of the nationwide credit reporting agencies – Equifax, Experian, and TransUnion. If you request a freeze online or by phone, the agency must place the freeze within one business day. If you request a lift of the freeze, the agency must lift it within one hour. If you make your request by mail, the agency must place or lift the freeze within three business days after it gets your request. You also can lift the freeze temporarily without a fee.

Don’t confuse freezes with locks. They work in a similar way, but locks may have monthly fees. If you want a free freeze guaranteed by federal law, then opt for a freeze, not a lock.

For more information, click here.

Teaching Suggestions

  • Ask students if anyone has already placed a credit freeze or a fraud alert. If so, what has been their experience?
  • Encourage students to place a credit freeze since it is now free to freeze or unfreeze their credit file.

Discussion Questions

  1. What might be the advantages or disadvantages of placing a credit freeze?
  2. What can you do if a credit reporting agency is not placing a credit freeze or fraud alert properly?

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