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Ask Dave

The Credit Report Is Freezing!

What happens when you freeze a credit report?

QUESTION: Liz asks what freezing a credit report does. Dave tells her all about it.

ANSWER: Go to the website and freeze it for $7. Experian, TransUnion and Equifax are the big 3 credit reporting agencies. It just means no one has access to your credit bureau report. If anyone including you tries to check it, it will just bounce back and say it’s frozen. It somewhat limits some types of identity theft. The only kind it limits is when someone who would check your credit before giving a loan. The stupid credit card companies only check about 2 in 10 credit card applications. If someone checked and find your credit frozen and someone had applied for credit in your name, it would stop them stealing your identity.