What exactly is a Credit Freeze and what are the benefits of putting one in place? It can get confusing and there is a lot of misinformation out there. To that end, these and many other questions (including the advantages and disadvantages) about Credit Freezes are discussed in a recent article on MyFico.com. It’s worth checking out.
“Simply stated, a credit freeze (a.k.a. “Security Freeze”) places a lock on access to your credit report. That means that once the freeze is activated, lenders and other companies can’t review your credit, which in turn stops thieves from opening new accounts in your name.”