Freeze vs Lock ?
Both methods are ways to protect access to your credit reports from being used to open new accounts, but they are not fundamentally the same.
Differences:
- It is easier/simpler to unlock a credit lock vs unfreeze a credit freeze, BUT a freeze may afford legal protections that a lock doesn't.
When you freeze your credit at the 3 credit bureaus:
- You restrict access to your credit reports so most lenders can 't see your information until you unfreeze it
- Since a creditor is unlikely to open a new account in your name without checking your credit, that protects you from fraudulent accounts.
- Unfreezing your report requires the use of a password-protected account or PIN
Similarly, when you lock your account:
- You restrict most lenders to access your reports.
- But you can unlock your credit report immediately at any time, on your computer or mobile device, when you do want to allow access.
When to you use a Freeze ?
- To protect access to your credit report.
- It's the smart option if you have been a victim of identity theft or believe your information has been compromised (Equifax breach anyone?).
- Federal law requires credit bureaus to offer free credit freezes and unfreezes.
- You can unfreeze your credit report by granting authorization to each of the credit bureaus to do so, via a password protected account or PIN.
- Freezing your credit report at all the 3 agencies is needed for fully protecting your information.
- You can still access your credit records and scores under a credit freeze.
When to use a Lock ?
- Use it as a preventive measure to protect your information, or when your information has been compromised.
- It's convenience allows you to quickly lock/unlock to give access to potential creditors.
- Unlike a freeze, locks are not governed by Federal Law.
- As with a freeze, a credit lock is most effective if you sign up at all 3 agencies.
You can sign up for a credit lock at each bureau’s website and also access the respective app to lock or unlock your credit report. Each one offers a slightly different version of the credit lock, so check exactly what you’re signing up for.
- Equifax’s free credit lock product is called Lock & Alert. The company says it will be free for life. The terms of service do not include an arbitration clause or class action lawsuit waiver; that means you don’t sign away your option to sue or join a lawsuit.
- Experian bundles its credit lock with other services. The least expensive option, IdentityWorks Plus at $9.99 a month, includes a credit lock, identity theft insurance and alerts when information changes on your report at all three bureaus. Its terms of service do include an arbitration clause and class action waiver.
- TransUnion’s free product, administered under TransUnion’s TrueIdentity brand, offers the lock/unlock option and other features, but the service agreement does include an arbitration clause and class action waiver. It also requires users to agree to receive targeted marketing materials.
Experian
- https://usa.experian.com/login/#/index?br=exp
- View Report
- Lock and Unlock: You can only do so if you subscribe to their Premium Service
- If your report is locked, you can unlock it with the basic subscription (but you can't lock).
- ID Notify:
- View Report
- Lock and Unlock (as long as you subscribe to the service)
- https://www.freecreditscore.com
- Freeze Center: https://www.experian.com/freeze/center.html
- From this site, you can add and/or remove a freeze. The process is done via submitting a form (vs toggling a button) which makes the process not convenient at all, but at least there is a way to "do it online".
NOTE: There is no "free" service to Freeze and Unfreeze your credit access.
Equifax
