In Brief
- A credit freeze locks down your credit report so new accounts can’t be opened in your name without permission.
- You can place a freeze with all three credit bureaus: Equifax, Experian, and TransUnion. It’s free, doesn’t affect your credit score, and is one of the most effective ways to prevent identity theft.
- If you ever want to apply for new credit, you can temporarily lift (or “thaw”) the freeze for a set time or a specific lender. The process takes just a few minutes and your credit automatically refreezes when the window ends.
INB recently got a call from a customer who was in a panic because her elderly mom had accidentally shared her Social Security number with a scammer. While she had thankfully hung up when pressed for banking information, now her SSN was exposed.
The first thing we told her to do? Freeze her credit.
At INB, we see attempts of identity theft almost every day, from phishing scams to stolen personal information. Unfortunately, it’s become increasingly common for scammers to misuse someone’s information – and often victims don’t even realize it until the damage is done.
While INB works hard to protect you with our advanced security measures, there are also some important steps you can take to protect yourself.
Freezing your credit is one of the simplest and most effective ways!
What’s a credit freeze, and why is it important?
You probably don’t just leave your door unlocked when you go out of town. In the same way, it’s not a good idea leave your credit information open either.
Why? Most fraud happens when someone opens new credit in your name.
A credit freeze (also called a security freeze) restricts access to your credit report. When your credit is frozen, lenders can’t view your credit file unless you give permission.
And there’s good news: Credit freezes are free, don’t affect your credit score, and you can remove them when needed!
Our bank staff takes these same precautions. Caeri Chiaro, VP, Senior Compliance Manager, decided to freeze her credit several years ago after seeing an increase in security breach notifications from companies that had her information.
“I also suggested my husband and adult children do the same,” she says. “Especially when my boys were building credit, they didn’t need someone using their information to damage it. And busy young adults don’t generally have time to regularly check their credit report.”
A credit freeze helps block criminals – even if they already have sensitive information like your Social Security number.
“I am fully aware my personal information is out there somewhere, including my SSN, because of what’s required to obtain services and how many companies are compromised by data breaches. But because my credit is frozen, even if they have my information, they won’t be able to do much with it,” Caeri explains.
Suspect identity theft? Visit www.identitytheft.gov to report it and get a recovery plan.
To fully protect your credit, you’ll want to place a freeze with all three major credit bureaus:
You can do this online, by phone or by mail, but online is the fastest.
You’ll need:
- Your full name and Social Security number
- Date of birth
- Address history (usually the past two years)
- A way to verify your identity (typically security questions)
Once that’s done, your credit is typically frozen immediately or within minutes.
After freezing, you’ll receive a PIN/password or account login for each bureau. Keep this info secure and handy, because at some point, you’ll likely need to lift the freeze later.
How to thaw your credit
A common myth is that once you freeze your credit, you can’t apply for a loan or credit card anymore. This is not true!
When you’re ready to apply for credit, you can temporarily lift your credit freeze, which is called a “thaw.” Most banks and lenders only need access for a short window, so a temporary thaw is usually enough.
You have two options when thawing your credit:
- Temporarily lift the freeze for a specific time period
- Lift it for a specific lender
Here’s how to thaw your credit:
- Log in to each credit bureau’s website
- Use your PIN or account credentials
- Choose how long you want the freeze lifted (for example, 48 hours)
The process usually takes just a few minutes, and access is often restored right away. And once the time window ends, your credit automatically refreezes – no extra steps required.
INB checking accounts offer ID Theft Benefits through BAZING.
Protect yourself by freezing your credit
Credit freezes don’t eliminate all fraud risk, but they significantly reduce one of the most damaging types: unauthorized new accounts.
Another perk? “It also cuts down on the amount of junk mail we get,” Caeri points out. “If credit card companies can’t pull your credit report, they don’t send you offers for more credit.”
If you’re not planning to apply for credit in the near future, freezing your credit is a simple, low-effort way to add an extra layer of financial protection.