7/2/2023 0 Comments Equifax security freeze help![]() ![]() This matters if you want to protect yourself from identity theft. Ordering a credit freeze prevents any of your financial information from being reported to lenders or creditors. Here's what you need to know about credit freezes, how they protect you and how they can add extra work to the process of applying for a home loan. The downside? If you need to apply for new credit or a new loan, such as a mortgage or home improvement loan, credit freezes can complicate your life. "There is no penalty for someone ignoring a credit alert and granting credit in your name." "Fraud alerts, which have been often touted by the credit reporting agencies, will not protect you and are often ignored by those granting credit," Weisman said. Weisman says that a freeze is the most important step people can take to protect themselves. Their only stumbling block? They need access to your credit report if they want to open credit accounts or take out loans in your name.Ī credit freeze will prevent this. Armed with this information, thieves can try to steal these people's identities. "In the wake of the massive data breach at Equifax, the question is not if these people were targeted for identity theft, but when."Īs Weisman says, those whose data was exposed can't change their Social Security numbers – except in extreme circumstances - and they can't change their birth dates. "The single most effective thing people can do to protect themselves from identity theft is to freeze their credit reports," said Steven Weisman, an Amherst, Massachusetts-based lawyer who teaches a course on white collar crime at Bentley University. Other forms of protection, such as fraud alerts issued by the credit bureaus, are not nearly as effective, these experts say. It’s why legal- and identity theft experts say that credit freezes are the best form of protection for consumers whose personal information has been compromised. ![]() Freezing your credit can also keep identity thieves from opening accounts or acquiring credit in your name, even if they have gained access to your financial information. That’s because freezing your credit prevents lenders or financial institutions from accessing your credit reports. After all, Equifax's breach exposed the financial information of more than 143 million customers.Ī credit freeze can help protect you if identity thieves obtain your financial information through data breaches. The big data breach suffered by the national credit bureau Equifax has certainly awaken consumers to the risks of collecting credit information. But be warned: A credit freeze could complicate your life if you apply for a mortgage loan. Is it time for you to order a credit freeze? In the wake of the Equifax data breach, perhaps. ICB Solutions | NMLS #491986 ( Close Modal Mortgage products are not offered directly on the website and if you are connected to a lender through, specific terms and conditions from that lender will apply. will not charge, seek or accept fees of any kind from you. By submitting your information you agree Mortgage Research Center can provide your information to one of these companies, who will then contact you. For a full list of these companies click here. ![]() If you submit your information on this site, one or more of these companies will contact you with additional information regarding your request. ICB Solutions and Mortgage Research Center receive compensation for providing marketing services to a select group of companies involved in helping consumers find, buy or refinance homes. Neither, Mortgage Research Center nor ICB Solutions are endorsed by, sponsored by or affiliated with any government agency. ICB Solutions partners with a private company, Mortgage Research Center, LLC, (nmls # 1907), that provides mortgage information and connects homebuyers with lenders. is a product of ICB Solutions, a division of Neighbors Bank. ![]()
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