Freezing Your Credit Files with Equifax, Transunion and Experian

Equifax Data Breach

In the wake of the massive Equifax data breach, you may be considering placing a security freeze on your credit files with the three major credit bureaus (Equifax, Experian, and Transunion). A freeze effectively prevents any new credit accounts from being created in your name because it stops potential creditors from accessing your credit report. The vast majority of potential creditors won’t approve a new credit application without a credit report.

What if I need access to my credit report after I freeze my credit files?

If you want to apply for a new credit card or auto loan, apply for a new apartment, refinance your mortgage, or if an employer requires access to your credit report for a job application, your prospective creditor/landlord/employer will need to be able to request and receive your credit report in order to consider your application. If you have frozen your credit files, you will need to plan ahead and temporarily unfreeze your files using the passwords that Experian, Equifax, and Transunion provided you when you froze your credit. Minnesota law requires a credit bureau to temporarily lift a freeze on a consumer credit file within three business days of receiving the request. Remember that you will need to contact the credit bureaus again once your application has been processed, in order to reinstate the freezes.

I have personal experience with identity theft, and with having “frozen” credit. It *is* an extra hassle to go through the process of requesting credit freezes, and to “thaw” it temporarily when you need access to your credit report. However, this extra hassle is nowhere near as time-consuming and painful as the process of disputing and closing credit accounts opened fraudulently in your name; that process can take years.

How can I request a security freeze?

You can place a security freeze on your credit files by certified mail, return receipt requested, for a $5.00 fee (in Minnesota). Equifax has temporarily waived that fee. If you have been the victim of identity theft, and you have a police report to prove it, the fee is always waived.

You can also request a security freeze online, but the three major credit bureaus’ websites are serving up a lot of error messages these days, presumably because 143 million consumers are trying to freeze their credit.

I have created a sample cover letter SecurityFreezeRequest.pdf for use in requesting credit freezes by certified mail with return receipts requested. Send your letters to:

Equifax Security Freeze
P.O. Box 105788
Atlanta, GA 30348

Experian Security Freeze
P.O. Box 9554
Allen, TX 75013

TransUnion Fraud Victim Assistance
PO Box 2000
Chester, PA 19016-2000

How long will it take for the credit bureaus to respond?

Minnesota law requires each credit bureau to place the requested freeze on your credit file no later than three business days after receiving your request. Within ten business days of receiving the request, the credit bureaus are required to send you a written confirmation of the security freeze and provide you with a PIN or password you can use when providing authorization for the release of your consumer report to a specific party or for a specific, limited period of time.

Conclusion

Freezing credit files is not the right move for everyone, but it’s something to consider given that the data of millions of Americans has been compromised. If you do decide to freeze your credit, be sure to do it with all three major credit bureaus, not just one.

Click here for a follow-up blog about how to protect the credit files of minor children.

This blog is not legal advice, but rather general information about the process for requesting a credit-file freeze.