Under both a freeze and lock, it can still be accessed by your existing creditors, bill collectors, government agencies, credit monitoring and identity protection services, and marketers offering prescreened credit and insurance offers.īut the Lock & Alert contract also allows access to companies considering your application for employment, which many state freeze laws allow, as well as others not named.
![lift equifax credit freeze lift equifax credit freeze](https://i0.wp.com/atlantafi.com/wp-content/uploads/2018/09/equifax.credit.freeze4-1.jpg)
"For the lock, Equifax will continue to be subject to enforcement actions by federal regulators including the Consumer Financial Protection Bureau and the Federal Trade Commission." "We recognize that security freezes are mandated and regulated by the states, while a credit report lock is not," Bistritz-Balkan said. "In many states, if something goes wrong, you have the right to go to court with a freeze."Īlthough the Lock & Alert contract contains no arbitration clause and explicitly says it will never add one, other provisions disclaim all liability and make no guaranty that the lock will do what it's supposed to. "There's a huge difference," says Chi Chi Wu, a staff attorney at the National Consumer Law Center. Consumers Union, the policy and mobilization division of Consumer Reports, is joining other consumer groups to advocate for ending freeze fees in other states.Ĭonsumers Union also supports a bill in the Senate that would freeze all credit reports by default, unfreeze them only with the consumer's consent, and eliminate all freeze fees.Ĭonsumer protections for freezes, which are mandated by state law, are stronger than the unregulated provisions of a contract that govern a lock, says Maureen Mahoney, a policy analyst at Consumers Union. Eight states prohibit fees for placing a freeze (though four of them allow fees for lifting a freeze), according to the U.S. Most states allow credit bureaus to charge a fee. Innovis charges nothing for security freezes. Since last Fall, Equifax has waived its fee for placing and lifting security freezes until June 30, 2018. A freeze, on the other hand, typically costs $5 to $10 each time you place or lift one at the Experian and TransUnion credit bureaus.įreeze fees are changing, however. mail, or phone, which entails entering identity information (as with a lock), answering questions about what's on your credit history, entering credit card numbers and billing address (when fees apply), and receiving and keeping track of a personal identification number that you'll need if you want to lift the freeze in the future.Ĭost.
![lift equifax credit freeze lift equifax credit freeze](https://cdn.thewirecutter.com/wp-content/uploads/2019/09/myEquifax-overview.png)
That's easier than placing a freeze via a credit bureau's website, U.S. You can keep your report locked by default unlock it when you're applying for credit, homeowners or car insurance, new cellular service, or other transactions requiring a credit check, then lock it back up. We unlocked the credit report just as easily a few moments later. When we swiped a finger across that icon, a big green "Locked" appeared several seconds later. It opened to a single screen with a big red "Unlocked" on it.
![lift equifax credit freeze lift equifax credit freeze](https://financialabusehelp.org/sites/default/files/credit_freeze_v_alert_0.png)
So CR downloaded the mobile app and scrutinized the fine print to see how Lock & Alert stacks up. But locking every door and window to your financial house is essential to safeguarding your privacy against crooks, and every protection tool should be considered. Currently, only 12 percent of identity theft involves new-account fraud. The Equifax data breach, revealed in September 2017, compromised the personal information of more than 145 million Americans. Innovis, a fourth, lesser-known credit bureau, offers credit freezes free of charge but doesn't offer a "lock" service, according to Mike Catello, its vice president of operations. TransUnion has offered a free standalone lock for consumers since 2016, but only in exchange for an agreement to receive targeted marketing offers. But Lock & Alert promises to be faster and easier than a freeze, and free for life.Įxperian allows consumers to "lock" their credit as part of its credit-monitoring services for $10 to $25 a month.