If you're worried about identity theft or credit card fraud and aren't planning on applying for a new credit card or loan, freezing your credit is an easy way to protect yourself.
"Unfortunately, we live in a world where fraudsters prowl, data breaches are rampant and there is a ton of our information out there," said Jim Droske, president of Illinois Credit Services, a credit repair company. "A credit freeze is like putting your credit in a safe and you have the key."
Find out how to freeze (and unfreeze) your credit, why experts say its one of the smartest financial moves you can make and more.
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From $7.50 to $25.00 per month, billed annually on individual plans and $12.50 to $33.33 per month, billed annually on family plans
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What is a credit freeze?
A credit freeze restricts access to your credit reports, protecting you from identity theft and other financial fraud without affecting your credit score or current accounts.
You can still access your reports when they're frozen, but you won't be able to apply for any new line of credit.
Third parties can't access your reports when you freeze your credit. This does not apply, however, to financial institutions you already have a relationship with: For example, if you have the Chase Freedom Unlimited® (see rates and fees) or Chase Sapphire Preferred® Card (see rates and fees) and ask for a credit limit increase, Chase can still review your credit to decide whether to approve it.
The Chase Freedom Unlimited® is a no-annual-fee card that earns generous cash-back on everyday purchases and a lucrative welcome bonus.
- Users get a high rewards rate and strong welcome bonus
- Purchases and balance transfers get long intro APR
- No annual fee
- Travelers face a foreign transaction fee
- Few rewarding ongoing benefits
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening
- Enjoy 5% cash back on travel purchased through Chase TravelSM, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases.
- No minimum to redeem for cash back. You can use points to redeem for cash through an account statement credit or an electronic deposit into an eligible Chase account located in the United States!
- Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 18.24% - 27.74%.
- No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
- Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.
- Member FDIC
Balance transfer fee
Intro fee of either $5 or 3% of the amount of each transfer, whichever is greater, in the first 60 days. After that, either $5 or 5% of the amount of each transfer, whichever is greater.
Foreign transaction fee
3% of each transaction in U.S. dollars
The Capital One VentureOne Rewards Credit Card earns transferrable miles, which is a stand-out benefit for a no-annual-fee card.
- You can transfer miles to over 15 Capital One partners, including Emirates Skywards, Choice Privileges and Singapore Airlines KrisFlyer
- No annual fee
- Limited bonus spending category that only applies to certain Capital One Travel bookings
- No travel credits and limited travel protections
Highlights
Highlights shown here are provided by the issuer and have not been reviewed by CNBC Select's editorial staff.
- Earn a bonus of 20,000 miles once you spend $500 on purchases within 3 months from account opening, equal to $200 in travel
- $0 annual fee and no foreign transaction fees
- Earn unlimited 1.25X miles on every purchase, every day
- Miles won't expire for the life of the account and there's no limit to how many you can earn
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- Use your miles to get reimbursed for any travel purchase—or redeem by booking a trip through Capital One Travel
- Transfer your miles to your choice of 15+ travel loyalty programs
- Enjoy 0% intro APR on purchases and balance transfers for 15 months; 18.49% - 28.49% variable APR after that; balance transfer fee applies
- Top rated mobile app
Balance transfer fee
3% for the first 15 months; 4% at a promotional APR that Capital One may offer you at any other time
Foreign transaction fee
None
How do I freeze my credit?
You'll need to freeze your credit with all three main credit bureaus — Experian, Equifax and TransUnion — but the process can be completed in less than 30 minutes.
- Equifax: Go to the Equifax consumer services center or call 800-349-9960.
- Experian: Contact Experian's security freeze center or call 888-397-3742.
- TransUnion: Go to the TransUnion's website or call 888-909-8872.
You'll need to provide your name, address, Social Security number, birth date and other personal information and will probably be asked a few questions to verify your identity. You'll then be asked to create a PIN, which should be kept secure.
How to unfreeze your credit
You can unfreeze your credit via the same credit bureau sites you used to freeze it. Requests are processed quickly: The bureaus are required by law to lift a hold within one hour of receiving an online or phone request. If you request it by mail, they have up to three business days to comply..
"I was at a car dealership to purchase a car and I forgot my credit was frozen," Droske said. "It took me about two minutes to thaw the reports and the dealership could then access my credit."
You don't even have to thaw all three reports: If you're applying for credit, ask the lender which bureau they pull from and 'thaw' just that one report.
You decide how long you want your credit to be accessible, whether it's a day, a month or indefinitely.
Why experts recommend freezing your credit
"It's the most secure thing you can do to protect your credit," said Droske, who recommends keeping your credit frozen until you need it. "You know when you are going to apply for a mortgage, car loan or credit card."
Freezing your credit can also help you avoid making impulse purchases.
"When you have to take an extra step to [thaw your credit], you may rethink the terms and even the purchase itself," Droske said.
The difference between a credit freeze and a credit lock
Both credit freezes and credit locks limit access to your credit report and prevent scammers from opening new accounts under your name.
However, credit freezes are free and involve reaching out to all three credit bureaus separately. A credit lock is faster but is typically part of a paid service, like an identity theft protection app. If you end your subscription, the lock is automatically lifted.
Aura's credit lock option can be accessed right from the app or website and prevents lenders (or anyone else) from accessing your Experian credit report. One of CNBC's top identity theft protection picks, Aura also has a full suite of online protections, including a password manager, VPN, antivirus software and parental controls.
Aura
Cost
Kids: $13 per month or $10 per month billed annually; Individual: $15 per month or $12 per month billed annually; Couple: $29 per month or $22 per month billed annually; Family: $50 per month or $32 per month billed annually
Standout features
Protects against identity theft, fraud, spam calls and websites, viruses and malware. Offers three credit bureau monitoring, VPN, dark web monitoring, password manager, email aliases and instant credit lock.
Identity theft insurance
All plans include at least $1 million and white-glove fraud remediation
Terms apply.
TransUnion Credit Monitoring is a paid subscription that lets you lock your TransUnion and Equifax credit reports. It also includes alerts about changes to your accounts, daily updates to your TransUnion credit score and more.
Identity Guard can lock and unlock your Experian credit file with a single click. All plans include data breach notifications, account monitoring and $1 million in identity theft insurance.
Identity Guard
Cost
From $7.50 to $25.00 per month, billed annually on individual plans and $12.50 to $33.33 per month, billed annually on family plans
Identity theft insurance
Up to $1 million in insurance for eligible losses from identity theft
Credit monitoring
The Total and Ultra plans monitor your Experian, Equifax and TransUnion credit reports; the Value plan doesn't offer credit monitoring.
Mobile app
Yes
Family plan
Yes
*Terms apply.
FAQs
How long does it take to unfreeze credit?
If you request the unfreeze online or by phone, the bureaus must lift the hold within one hour. If you request the unfreeze by mail, they have up to three business days to comply.
Does a credit freeze hurt your credit?
Freezing your credit will not negatively impact your credit score.
How much does it cost to freeze and unfreeze credit?
There is no cost to freeze or unfreeze your credit.
How long does a freeze last on your credit report?
A credit freeze will remain in place until you lift it.
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Bottom line
If you're worried about fraud or identity theft, a credit freeze can give you peace of mind. It's quick, free and has no impact on your credit score.
"It's a small inconvenience that offers high levels of protection," Droske said. "I sleep better knowing no unauthorized third party can access my credit."
Meet our experts
At CNBC Select, we work with experts who have specialized knowledge and authority based on relevant training and/or experience. For this story, we interviewed Jim Droske, president of Illinois Credit Services.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every financial article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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