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  • When you apply for a credit card, mortgage or car loan, the company lending you money will check your credit report to make sure you're a good borrower. This may process often takes just a few minutes from credit check to approval. Unfortunately, this speed makes it convenient for identity thieves to apply for credit in your name. If you've been the victim of identity theft, freezing your credit report may be the right choice.

    Checking Credit Report

    Get your free credit report from the three major credit reporting companies at the government-sponsored website Annualcreditreport.com--not freecreditreport.com; credit reports from this site are only free if you sign up for a credit monitoring program that isn't beneficial for most consumers. Look over the credit reports and make sure that only accounts that you've opened are listed. If you find credit accounts that you didn't open, report the problem to local police and ask for a copy of the police report. Send this report along with your letter requesting a credit report freeze, since this may waive the cost of imposing the freeze.

    Freezing Credit Report

    Write a letter to each of the three major credit reporting companies--Equifax, Experian and TransUnion--stating that you wish to freeze your credit report. Include your full name (along with middle initial and any applicable suffixes), Social Security number, proof of your current address (copy of utility bill or driver's license) and any previous addresses from the past two years. You'll also need to include a copy of the police report you filed or the appropriate fee. This fee varies by state and your age, so check the credit companies' websites for the correct amount to send (see References).

    Understanding and Removing Credit Freeze

    Freezing makes your credit report more difficult, though not impossible, to access. Companies where you've already opened accounts can still check your credit and you may still receive pre-screened credit card offers. If you need to apply for a loan, you may temporarily allow access to your file after you've frozen it. In most states, there will be a fee for this service. Also, approving this temporary access may take a few days, so if you plan to apply for new credit accounts, plan ahead or your application may be delayed.

    Source:

    Equifax: Security Freeze FAQs

    Experian: Security Freeze

    TransUnion: Security Freeze

    Resource:

    Equifax: State-by-State Freeze Fees

    FTC.gov: Identity Theft Basics

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