As of September 21, a new federal law allows you to freeze and unlock your credit report for free at all three credit agencies. This could have cost up to $19 per agency every time you locked or unlocked your credit report. A freeze prevents lenders from opening your credit report. This will stop fraudsters from opening any type of credit in your name. This action from the federal government comes a year after the Equifax data breach that exposed 148 million Americans personal information. The law also extends credit alerts from 90 days to one year. You have to freeze all three agencies to make the freeze effective. The three are Experian, Equifax, and TransUnion. You can do it on the phone, in writing or on their websites. You need to select the freeze option for the website. Most important is you need to write down the pin number to unfreeze your credit. If the credit agency cannot verify your identity you may have to send in a copy of your driver’s license. This is much more effective than credit monitoring and it is free.
Randy Nathan NMLS# 675056
Mortgage Loan Originator