Did you know you can freeze your credit report, and that of your special needs child too? Locking down your credit report helps prevent fraud. That means unauthorized individuals cannot obtain credit cards, loans, or anything else in your name that requires a credit check. This is increasingly more important because banks, schools, businesses, medical practices, and local, state and federal agencies are storing our personal and financial information in the cloud.
Freezing your credit is free. But, you need to notify all three credit bureaus – Equifax, Experian, and TransUnion – to do so. Freezing your credit at one bureau does not carry over to the other two.
The Pros Of Freezing Your Credit
Freezing your credit is free and is the strongest protection for the sensitive data in your credit reports. It gives you peace of mind knowing that your credit report is secure because it makes it much harder for someone else to create a fraudulent credit account in your name. It does not impact your credit score or affect your ability to use your existing credit accounts.
The Cons Of Freezing Your Credit
A credit freeze is not guaranteed to be 100% effective and can be inconvenient. If you choose to freeze or thaw your credit reports online, you will need to establish accounts with all three credit bureaus. You will need to plan ahead when opening a new credit account, or making a large purchase on an existing credit account, because you will need to request a temporary lift, or thaw, of the credit freeze from all three bureaus ahead of time and subsequently to lock the freeze again afterwards.
How To Freeze Your Credit
You freeze your credit report by contacting all three credit bureaus online, by phone or postal mail.
Equifax:
Online at www.equifax.com/personal/credit-report-services
Phone at (800) 685-1111
Mail to Equifax Information Services, LLC, P.O. Box 740256, Atlanta, GA 30374-0256
Experian:
Online at www.experian.com/freeze/center.html
Phone at (888) 397-3742
Mail to Experian, P.O. Box 4500, Allen, TX 75013
TransUnion:
Online at www.transunion.com/credit-freeze
Phone at (888) 909-8872
Mail to TransUnion Consumer Solutions, P.O. Box 2000, Chester, PA 19016
How To Freeze Credit For A Special Needs Person
If you are the guardian of a special needs person, you can place a security freeze on their credit report. You will need to submit proof of their identity, along with yours, and proof that you are their authorized representative. You will need to do this for all three credit bureaus.
Equifax: Incapacitated Adult Freeze Request online form
Experian: Instructions to freeze credit for a minor
TransUnion: Instructions to freeze credit for an incapacitated Adult
Monitor Your Credit Reports
Credit freezes can give you a false sense of security. They do not protect you from inaccurate or outdated reports. It is your responsibility to monitor your credit report for discrepancies and suspicious activity. By federal law you are entitled to one free credit report per year from each of three credit bureaus. You can order it directly from each credit bureau or at www.annualcreditreport.com.
Freezing your credit is not a perfect solution to protecting yourself from identity theft and credit fraud. You may still be susceptible to credit fraud or other fraud involving your Social Security Number. Suspicious activity or accounts you don’t recognize can be signs of identity theft. Reviewing your credit reports can catch problems early. Be proactive and protect yourself, and your loved ones, by freezing and regularly monitoring your credit reports.
