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Freezing the credit report can have benefits for the consumer. Freezing your credit report between three or four of the main credit reporting agencies can have valuable effects on the credit report like helping to avoid bankruptcy that can stem from identity theft!
Freezing the credit report can have the added bonus of protecting the consumer from identity theft. If there are charges with the freezing process of the credit report than these charges are often reversed if the consumer is the victim of identity theft.
Now that you know the benefits of freezing the credit report, how do you go about the process of making the freeze? There are often no charges for freezing the credit report. A simple phone call to the credit reporting agency can enable the freeze and ensure protection for the consumer.
During the credit report freeze, potential lenders will not have access to the credit report; therefore, it can be impossible to obtain credit. In order for a lender to grant credit to a consumer, they often first check with the credit reporting agency. In these cases, the lender does not have access to information that can help the lender to make the decision to grant credit to the consumer.
The credit report freeze can be easily lifted with another simple phone call to the credit reporting agency, when the consumer has decided that it is in their best interest to un-freeze the credit report.