Protect Your Credit

A new law is coming into effect on September 21. The three credit bureaus: Equifax, Experian, and TransUnion will be required to freeze your credit for FREE if you so choose. They used to charge $10 every time someone wanted to freeze their credit, but it will not even cost a dime with the new law.

Once your credit is frozen, the freeze locks your credit file so that a lender, a creditor, and not even a cellular phone company is able to access your credit. It might seem like a hassle, but this will stop someone from taking out a new line of credit in your name, thereby preventing credit fraud.

This is how the process works: When you freeze your credit, you will be given a PIN number that will allow you to freeze and unfreeze your credit on demand. The bureaus are required to freeze your credit within one day and unfreeze it within one hour, meaning you will be able to have quick access to your credit whenever you need it.

I think freezing your credit is a good strategy. Not only will it keep us protected from intruders trying to compromise our credit, but it will also slow down the process in getting a loan, hopefully making us think twice about whether we need that loan or not.

Now doesnít freezing your credit sound like a winning move toward more Financial Calm?

https://www.equifax.com

https://www.experian.com

https://www.transunion.com

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