There is a vast amount of misinformation available on how to protect your credit reports and identity. This article is the ultimate guide to protecting your identity by requesting a credit freeze at five critical credit and consumer reporting agencies (most guides only cover the major 3 credit reporting agencies).

One thing to make clear up front:
A credit freeze — also known as a security freeze — is the only real way to protect credit from being taken out in your name. Credit monitoring and credit locking services are expensive, and alert you too late, after someone has already stolen your identity and taken out credit in your name.

Know this: your information will be stolen if it hasn’t already been stolen. If your information hasn’t already been made available to thieves in the massive Equifax hack of 2017, it’s only a matter of time before it is.

Don’t wait.

It is completely irresponsible not to lock your credit and consumer reports. Identity theft is more impactful to people than violent crime, and can ruin your finances for years, if not forever. Don’t wish later you had done this today.

Keep reading below as we look at how you can keep your identity safe and protect your wallet and your life.

What happens when your information is stolen?

When crooks steal your personal information, like your social security number, birthdate, address and/or drivers license number, the first thing that generally happens is that they sell that information on the dark web to another criminal.

The criminal that ends up with your information will most often attempt to take out credit lines in your name. These can be anything from personal loans to reverse mortgages to credit cards and more.

Once the criminal successfully has access to your credit line, he will do what criminals tend to do – run off with the money!

What happens to you when you have frozen credit and a criminal that tries to use your identity?

If your credit is frozen, the story above turns out much differently.

Once the criminal has your information and tries to take out credit, the credit will be denied because the bank will not be able to obtain your credit report from one of the credit reporting agencies. This protects your identity, your credit history and your life!

But freezing my credit costs money, and I don’t want to spend any money!

That’s mostly not true. And though it may have a small cost, it’s totally worth it.

The cost to freeze your credit varies by state. In most states, it costs $10 or less to freeze your credit at the 3 major credit reporting bureaus (Equifax, Transunion and Experian), and $0 (free) to freeze your credit at Innovis and Chexsystems.

Therefore, it could cost up to $30 a person to freeze your credit. That may sound like a lot, but consider the cost of identity theft, which is more impactful to people than violent crime, and often has a high cost to your time, money and health.

Also, consider the cost of credit monitoring services like Lifelock that cost anywhere from $9 – $24 a month, and yet don’t even stop thieves from accessing your credit report. The $30 you will spend to lock your report pales in comparison to what you could spend for a solution that doesn’t even stop the criminals from obtaining your personal information.

Don’t be a fool, spend the little to lock your credit now and you will reap the benefits for years to come!

How to freeze your credit

Just about everyone knows the 3 major credit reporting agencies; but did you know there’s actually five consumer reporting agencies where you should place a lock for you and your entire family?

Below we detail how to place a security freeze at each. Placing the freeze. The fastest approach is to freeze online.

How to place a credit freeze at TransUnion

Online (Recommended): TransUnion Security Freeze
Phone: 1-888-909-8872
Mail: Request your credit freeze by registered mail using this sample letter (PDF) (RTF)
- Mail using registered mail to:
  - TransUnion LLC
    P.O. Box 2000
    Chester, PA 19016

How to place a credit freeze at Equifax

Online (Recommended): Equifax Security Freeze
Phone: 1-800-685-1111
Mail: Request your credit freeze by registered mail using using this sample letter (PDF) (RTF)
- Mail using registered mail to:
  - Equifax Security Freeze
    P.O. Box 105788
    Atlanta, GA 30348

How to place a credit freeze at Experian

Online (Reccomended): Experia n Security Freeze
Phone: 1-888-397-3742
Mail: Request your credit freeze by registered mail using using this sample letter (PDF) (RTF)
- Mail using registered mail to:
  - Experian Security Freeze
    P.O. Box 9554
    Allen, TX 75013

How to place a credit freeze at Innovis

Online (Reccomended): Innovis Security Freeze
Phone: 1-800-540-2505
Mail: Request your credit freeze by registered mail using the letter provided here, which includes the address for mailing.
Walk in: 875 Greentree Road, 8 Parkway Center, Pittsburgh, PA 15220

How to place a security freeze at ChexSystems

Online (Reccomended): ChexSystems Security Freeze Page
Phone: 1-800-887-7652
Mail: Request your credit freeze by registered mail using the letter provided here. Be sure to include the information requested on the ChexSystems Security Freeze Page.
- Mail using registered mail to:
  - Chex Systems, Inc.
    Attn: Security Freeze Department
    7805 Hudson Road, Suite 100
    Woodbury, MN 55125

How to get a free copy of your credit reports

The big 3: Equifax, Transunion, Experian

There is only one place to get the government-mandated free copy of your credit reports from the “big 3” credit bureaus, www.annualcreditreport.com This was the website created as a result of government action, and will allow you to obtain your report once each 365 day period. Some people choose to stagger their requests for the three over the course of a year to keep a better eye on things, but it’s fine to request them all at once as well, especially if you have your credit frozen.

You can request your reports from Innovis & ChexSystems also. You can able to request these reports at any time, and as often as you would like.

What is the best way to unfreeze / thaw my credit report

The process to unfreeze your credit or consumer report varies by agency. However, there are three basic options that most companies offer to do this:

(Best) Thaw, requiring a password to get access to for a time period
(OK) Thaw for a certain time period
(No way!) Permanently unfreeze the report

Thaw, requiring a password to get access to for a time period

This is the best way to unfreeze your credit. Why? It is the best because it is the most secure.

Here’s how it works: for a time period, you are allowing creditors that you provide with a pin number to get access to your credit report. This is the only method of thawing your credit report that does not require opening up access to anyone that may request information during a certain time period.

You can request this type of thaw by going to the credit report agency’s website and requesting a

Thaw for a certain time period

This is the second best way to unfreeze your credit. Why? It’s better than permanently unfreezing your credit, but still somewhat insecure.

Here’s how it works: for a time period, you are allowing creditors that you provide with a pin number to access your credit report. This is the only method of thawing your credit report that does not require opening up access to anyone that may request information during a certain time period.

Permanently unfreeze the report

A permanent unfreeze will forever unfreeze your credit report. You do not want to do this under any circumstance. After all, a credit freeze is one of the best things that you can do to protect yourself against identity theft!

How to apply for credit when you have a frozen credit report

Applying for credit when you have a frozen credit report is pretty straightforward, but usually adds some time to the process. In my experience, submitting an application for credit or a loan is the same as if you had unlocked credit.

Here’s a checklist of how to navigate the process:

Apply for credit as normal
Wait for a rejection notice from the creditor (usually comes by mail)
Contact the creditor about the rejection. If your credit is frozen, you know this is the reason and they will tell you that.
While talking to the creditor about the rejection, ask them which credit reporting agencies you need to unfreeze in order for them to process your application. Also, ask the creditor if they can support a pin unlock or if they need to have you completely open access to your credit report.
Unlock the report in the most secure way possible (use pin if they offer it, and limit the amount of days the credit is unfrozen, to prevent theft during the time while your credit is unfrozen.
Wait a few hours and call back the creditor, and let them know they may now re-process your application.
The creditor will re-process your application and share with you their decision.