Free Copy of My Credit Report: How to Place a Security Freeze
Individuals can acquire a free copy of their credit report from all major credit bureaus, namely Equifax, Experian and TransUnion. However, they can only request one copy each, in a year. Evaluating the free copy of your credit report(s) will help you identify fraudulent charges and take actions accordingly.
Free Copy of My Credit Report: How to Place a Security Freeze
The Credit Report Protection Act allows individuals to place a credit freeze or a security on their credit report. It prohibits consumer reporting agencies from disclosing your credit information to creditors and other third parties.
For obtaining a security freeze, you will have to mail a written request to all three major credit bureaus. The credit freeze is generally placed on a credit report within three working days. Your written request must contain your identity verification details, such as:
· Full name, including previous or maiden name, if applicable.
· Date of birth.
· Current and previous addresses, if the move happened recently.
· Social Security Number.
If you are a victim of identity theft, you can place a credit freeze on your credit report for free, by furnishing a copy of the police report to the consumer reporting agency. However, if you are not a victim of identity theft, you will have to pay a nominal fee to all three credit bureaus, for the same.
The credit bureau(s) furnish a written confirmation of the credit freeze within five business days. It also provides a unique PIN or password, which is used for a permanent removal or temporary lift of the security freeze.
Who Can Access a Free Copy of My Credit Report with the Credit Freeze in Effect?
The law permits some third-parties to access your credit report even when the credit freeze is in. This includes:
· Existing creditors,
· Anyone acting on a Subpoena or court order,
· Federal and/or state government agencies investigating fraud and delinquent taxes,
· Credit monitoring agency hired by an individual,
· Insurance companies and
· Check service providers for processing checks and investigating electronic fund transfers.
Finally, bear in mind that placing a credit freeze does not impact your credit score. Despite a security freeze, you will be able to acquire new credit and access your free credit report. Also, a credit freeze is more effective than a fraud alert, which is a simple message that appears on the credit report notifying potential creditors about the identity theft. Creditors and other third parties can still extend credit in your name without an authorization for the same. Conversely, a security freeze ensures that creditors contact you before extending any credit in your name.
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