What happpens when you Freeze your Credit

We are going to talk about credit freeze and how it works. How it can it help you and if it affects your credit score and when is the best time to do it.

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1. What is a Credit Freeze Exactly
– A credit freeze is when you contact all three credit bureaus and you ask for a credit freeze
– And this does is that it prevents the lender from accessing your information unless they get special consent from you
– And it also prevents scammers to open new accounts in your name

For example:
– If you have frozen credit
– And you go apply for a mortgage, loan or a credit card
– The lender will not be able to pull your information, thus most likely not being able to approve whatever Is you want ( unless you unfreeze it )

To be honest :
– This sounds inconvenient but if you are afraid of a scammer or sent your information to the wrong person
– Then this would prevent them from opening new lines of credit

2. ( common question)
– Will this hurt my credit score : not any way whatsoever
– Will I still be building my credit score: nope
– When is a good time: you feel endanger, not applying for new credit, buying a home
– Can I do this for my kids? Yes as long as they are under 16
– Is this bulletproof : no people can still steal your identity so make sure to check your annual credit report to make sure everything looks good

3. How to Freeze your credit and how to unfreeze your credit
– You have to contact all three credit beroes
– And request for them to freeze your credit ( which is free by the way)
– They’ll of course ask you for information to prove your identity
– You’ll be asked to create a password or a pin also

And to unfreeze your credit:
– It’s the same process you call in or go online
– Provide the pin or password and confirm your information
– And you can temporarily unfreeze it to open up a new line of credit

Ps. Remember to just ask the creditor which bureau they’ll use and then you can just unfreeze that one

Link: https://www.nerdwallet.com/article/finance/how-to-freeze-credit

Nuclear option: if you did get your identity stolen is to change your social security number by providing proof

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*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

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