In light of recent data breaches, including a significant incident involving the exposure of 2.9 billion personal records, freezing your credit reports has become a crucial step in safeguarding your financial identity. A credit freeze restricts access to your credit reports, making it nearly impossible for fraudsters to open new accounts in your name. This protective measure is available at no cost through all three major credit bureaus—Experian, Equifax, and TransUnion—thanks to a 2018 federal law. The process is straightforward: visit each bureau's website, create an account, and submit your freeze request. While a credit freeze is an effective tool against new account fraud, it does not shield you from fraudulent activity on existing accounts, so ongoing monitoring is essential. Additionally, if you need to apply for credit, you can temporarily lift the freeze. This article provides a step-by-step guide on freezing your credit and explains the implications and benefits of this important financial security measure.
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