If you want to protect yourself from identity theft, you can request a credit freeze or a credit lock to keep lenders from accessing your credit report when processing a loan or credit application. While both are effective at stopping criminals from opening accounts in your name, there are important differences to understand.

CREDIT FREEZE

A credit freeze blocks access to your credit report and credit score by lenders when processing credit applications.  It is a free service and remains in place indefinitely until you remove it.  Credit freezes must be activated and lifted separately at each of the national credit bureaus (see below).

TRANSUNION
Visit Transunion.com/credit-freeze or call 1-888-909-8872.

EXPERIAN
Visit Experian.com then look for the Security Freeze Center or call 1-888-397-3742.

EQUIFAX
Visit Equifax.com and create a myequifax account  or call 1-800-349-9960.


CREDIT LOCK

A credit lock lets you restrict and grant access to your credit reports essentially the same way a credit freeze does, but usually with extra features. Credit lock services are provided by each credit bureau and may differ in cost and functionality.  Additional features may include identity protection, credit activity alerts, quarterly or daily FICO credit scores, identity theft insurance coverage, fraud resolution support, lost wallet assistance and more.  Credit locks  are typically easier to lock and unlock through a mobile app.

FRAUD ALERTS

You can also request three types of fraud alerts from any one of the three major credit bureaus above.  The one you contact will notify the other two.

  • Initial Fraud Alert – Requires businesses to contact you to verify your identity before opening an account in your name for one year. Please note that it alone does not prevent businesses from seeing your credit report. 

  • Extended Fraud Alert – This is very much like an Initial Fraud Alert, although specifically for victims of identity theft who have completed an FTC identity theft report or filed a police report. It lasts for seven years.

  • Active-Duty Military Alert – This is very similar to an Initial Fraud Alert but is specifically for active-duty military personnel.

CREDIT FREEZE AND CREDIT LOCK TIPS

  • Credit freezes are recommended for most consumers as a preventative measure against fraud.

  • Whichever option you choose, be sure you enroll with all three major credit bureaus.

  • Be sure to unlock or unfreeze your credit when you are applying for a loan or credit card and relock your reports when your application has been processed.

  • Always monitor your credit reports and monthly financial statements for irregular activity.


Have questions? Stop by or call your favorite Marine Bank location and we’ll be glad to assist you.