![]() You have control in the palm of your hand, through your phone. Pros and cons of credit locksĬredit locks are appealing because they can be done quickly, bypassing the potential waiting period for a credit freeze. That said, it’s as easy to unlock your credit as it is to lock it. But once you lock your credit, no one can look at it, so potential lenders won’t have access to it for credit checks that are used to verify your creditworthiness when you apply for a loan or credit card.Īs a result, it’s best to lock your credit when you aren’t planning to apply for new credit. You might also want to use a credit lock as a precautionary measure if you’re worried about identity theft. You can set a credit lock using an app on your phone, an option that is not available with a credit freeze, so you can address any threat immediately. It makes sense to use a credit lock if you are worried one of your bank accounts or credit cards has been hacked because you can do so quickly and easily. It’s not as convenient, but it is free under federal law. ![]() A credit freeze isn’t implemented immediately. What is a credit freeze?Ī credit freeze, also known as a security freeze, does much the same thing a credit lock does-it blocks most access to your credit history. It is a service offered by all three major credit reporting agencies that can be accessed immediately through a mobile application or website. Protect yourself against identity theftĪ credit lock is a quick and convenient way for you to restrict access to your credit reports.How credit freezes and locks affect your credit score.Credit freezes and credit locks can be a major advantage to secure your personal information and protect your credit. While checking your credit score and keeping tabs on your credit report is a great general practice, it's not always possible to avoid negative actions. Credit locks and credit freezes are offered by all three major credit bureaus - Experian, Equifax and TransUnion. However, while they are similar, there are some key differences between them. Credit locks and credit freezes are both ways to protect your credit report and prevent lenders from accessing your personal information.
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