Credit Checks & Reports
What is the Money Date? A weekly time to check in. 3 things we review and update: 1. Spending 2. Earning 3. Savings
In this episode of the Money Date, Anna talks about fellow Financial Planner Liz Gillette CFP® about Credit Checks and Credit Freezes. Liz wrote a recent blog post about new rules for credit freezes.
A credit freeze is now free in all 50 states with each of the three credit bureaus. If you’re looking to stop all access to your credit report, you can initiate a freeze and it will take place in one business day (if completed online or by phone). Even better, when you’re ready to permanently unfreeze or temporarily thaw, Equifax, Experian, and TransUnion must make that change active within one hour!
What else you need to know:
- You must contact each bureau individually. Bonus: you’ll get a free copy of your report from each bureau when you do!
- A parent or guardian can freeze the credit of a child under 16 or anyone incapacitated.
- A freeze on your credit file does not freeze your credit score. And yes, you can still use your credit cards.
- If you already had a credit freeze in place when the new law took effect, you’re all set. No need to redo, your credit is still frozen. But also know you won’t get a refund if you paid the first time around.
- This will not prevent the misuse of your existing accounts. Continue to monitor your bank, credit card, and insurance statements for fraudulent transactions.