How to Safeguard Your Credit Through Freezing

Recent reports reveal that around 143 million individuals in the U.S. have fallen prey to cybercriminals. These hackers often steal sensitive data including full name, birth date, addresses, credit card details, email addresses, and Social Security numbers. This figure represents nearly half of the population, highlighting the scale of the threat.

Steps to Protect Your Credit
The most effective way to shield your credit is to place a freeze on it. While it might seem extreme, precautionary measures can prevent serious financial fraud.

The purpose of a credit freeze is to block hackers, lenders, and businesses from accessing your credit report. This prevents identity theft and unauthorized financial activities. Only the individual who initiated the freeze can later remove it to open new accounts. Authorities may access the report if legal issues arise. A key benefit is that your credit score remains unaffected during the freeze.

Consumers can choose which creditors view their credit data. Typically, the process costs between $5 and $20, with fees varying based on location, age, military status, disability, and reasons for freezing. Recently, some jurisdictions offer free freezing options. To initiate, contact credit bureaus via mail, phone, or online—phone calls are often most efficient but in-person visits reduce scam risks. Be prepared to submit identification documents like passports, utility bills, or police reports, especially if you've been targeted by identity theft.

Credit freeze requests are processed within three business days. It's important to manage freezes and lifts strategically, particularly if you manage your finances actively or under threat of fraud.