Did you know that there’s a free tool called credit freeze that can protect you from identity theft? It makes it harder for people to access your credit file. If you need to get a loan or apply for a credit card, don’t worry! You can lift the credit freeze temporarily or permanently to allow creditors access to your credit reports. To learn more about how to unfreeze your credit, keep reading!
How do I unfreeze my credit report?
Temporarily lift
A temporary lift might last from one to thirty days. This is the ideal option if you are applying for an auto loan, mortgage, or credit card, as it gives banks and lenders sufficient time to assess your credit. With a temporary freeze, credit bureaus will reapply a freeze to your credit report after the allotted time period has expired.
Permanently lift
Permanent lifts with no end date are preferable when you anticipate that your credit report will be reviewed by several businesses, such as landlords and utility companies, when you relocate. Once you’ve settled into your new home, you should reinstate your credit freeze.
Why would I want to freeze my credit?
Yes, freezing your credit can help prevent identity theft, assist in recovering from identity theft, protect against data breaches and child identity theft, prevent unauthorized medical collections, and add an extra layer of protection to your financial identity.
How long does it take to lift a credit freeze?
If you submit the request online or over the phone, major credit bureaus must lift the freeze within one hour. The request can be submitted via mail, but it is more time-consuming that way.
However, credit bureaus must lift the freeze within three business days of receiving notification. Also, submitting a request to lift a credit freeze on behalf of a minor can only be done through the mail.
Ways to unfreeze credit
To unfreeze your credit, you should definitely submit a request to each of the three major credit bureaus. Having your name, address, and social security number (SSN) readily available will be of help.
TransUnion
You may need to create a new TransUnion account with a username and password in order to unfreeze your TransUnion credit report online. A PIN is no longer required. You can lift a TransUnion credit freeze for one to thirty days, beginning on your chosen date.
You can lift the freeze for a specific time period or for particular creditors for whom you can create a temporary access code. This differs from Experian’s single-use code in that it allows multiple creditors to access your file during the time frame.
Experion
To unfreeze your credit, Experian is the only credit bureau that requires a PIN. An Experian credit freeze lift can be for a set period of time; there is no time limit. However, the online form warns that once you’ve submitted it, you can’t change the date range for unfreezing your credit.
Experian also provides a one-time PIN that can help ensure your information is only seen by creditors you authorize, preventing it from being exposed unnecessarily. Experian provides you with the PIN, which you then provide to the entity checking your credit.
Equifax
By creating a “myEquifax” account, you can unfreeze your Equifax credit report online. A PIN is no longer required to place or remove an Equifax credit freeze online. Equifax allows you to temporarily unfreeze your credit for a specific creditor or for a specified period.
It ranges from one day to one year. You can also unfreeze your credit permanently, which is not recommended. If you choose to unfreeze or reinstate a freeze at Equifax by phone or mail, you will need a PIN.
When should you unfreeze your credit?
Before applying for a new line of credit, you should unfreeze your credit. Especially if you are looking for a house, opening a store credit card, or applying for a car loan.
To determine whether you qualify, the lender will need to pull your credit report. If your credit report is still frozen, they will not have access to it, and you will most likely be unable to obtain the loan you require.
Temporary lift vs. permanent lift
A temporary lift gives creditors or companies access to your credit reports for a set period of time. This is probably the better option because you can set it and forget it. When the temporary lift expires, the credit freeze is automatically reinstated, which can help keep you safe.
A permanent lift is a bit more expensive. Your previously frozen and secure credit reports are now at risk. With the option of a temporary lift available, permanent removal is not recommended if you are concerned about the security of your data.
Pros and cons of freezing your credit report
Did you know that freezing your credit reports might have both benefits and drawbacks that are important to consider. If you’re on the fence about freezing your credit, consider the following pros and cons.
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Do you have to pay to unfreeze?
It is free to freeze your credit, but you must contact all three credit bureaus to lock down each of your credit reports. Furthermore, the freeze will remain in place until you remove it.
When is a PIN necessary to unfreeze your credit?
The requirement for a PIN to unfreeze your credit varies with each credit bureau. Equifax and TransUnion both allow you to unfreeze your credit online without your PIN by entering your username and password.
Equifax may allow you to unfreeze your credit over the phone without using a PIN, whereas TransUnion requires a PIN. Experian is the only credit agency that requires a PIN to lift a credit freeze online, over the phone, or through the mail.
How to unfreeze credit without a PIN
If you’ve misplaced your PIN, all three credit bureaus offer methods to help you lift your credit freeze.
Equifax
Without a PIN, you can block and unfreeze your credit with an online myEquifax account. If you did not establish a PIN when you initially froze your credit, Equifax will not require one to lift the freeze. There are three ways to unfreeze your Equifax credit freeze without a PIN:
- Online: Sign in to your online myEquifax account with your username and password. After logging in, you can unfreeze your credit.
- Via call: Contact an Equifax representative at (888) 298-0045. They will be allowed to unfreeze your credit when you successfully respond to a few simple identity verification questions.
- Via mail: Complete and submit a freeze request form to Equifax. Include copies of identifying documents with your request to unfreeze your credit, such as a utility bill or driver’s license.
Experian
Experian will provide you with a five- to ten-digit PIN, or you can generate one independently. When you want to lift your credit freeze, you must provide this PIN. Use Experian’s online PIN request form if you lose your PIN to get it reissued.
If you give the proper identification verification information, you should obtain your PIN instantly. If you prefer to lift your freeze over the phone, or if you have any issues about lifting your freeze, please contact Experian at 888-397-3742.
TransUnion
When placing a credit freeze, TransUnion needs the creation of a six-digit PIN. If you wish to lift the freeze via your TransUnion online account, however, you will not need your PIN; you can simply log in with your username and password.
If you prefer to defrost your credit over the phone, you’ll need your PIN. To directly contact TransUnion, dial 888-909-8872. You can set up a new PIN by logging into your TransUnion account if you’ve lost your old one.
Sara Sam may not look like your typical car and finance expert, but don’t let that fool you. With over four years of experience in the industry, she knows all the ins and outs of cars, car insurance, and refinancing. You can trust Sara to help you navigate the often-confusing world of automobiles and financing.
