The Atlanta Journal-Constitution
Consider freezing your credit
With Equifax’s announcement of its catastrophic security breach, now would be a really good time to consider freezing your credit, if you haven’t already. Credit freezes are one of the most effective ways for consumers to protect themselves against identity theft.
And it’s imperative that you freeze your credit with all three main credit reporting agencies: Equifax, Experian and TransUnion.
A credit freeze allows you to seal your credit reports and use a personal identification number that only you know and can use to temporarily “thaw” your credit when legitimate applications for credit and services need to be processed. The added layer of security means that thieves can’t establish new credit in your name even if they are able to obtain your personal information.
Freezing your credit files has no impact whatsoever on your existing lines of credit, such as credit cards.
Freezes have been available for free to victims of identity theft for some years, but recently all three of the major credit bureaus adopted new rules that now allow non-victims to have access to credit freezes as well for a small fee. Residents of various states may also freeze the credit reports of their minor children.
In Georgia, it costs $3 per bureau to freeze a credit report.
Remember: When you do a credit freeze, it is imperative that you freeze your credit with all three bureaus.
When shouldn’t you freeze your credit?
If your credit reports are accessed often for work or because you create new accounts with various financial institutions on a regular basis, it is not recommended that you freeze your accounts.