Free credit monitoring is helpful, but it only warns you after the damage is done. Billshark explains why freezing your credit — for you and your kids — is the strongest way to keep crooks off your good name.
1 Monitoring Alone Isn’t Enough
Credit monitoring is good. Free credit monitoring—the kind being offered in the Equifax deal, as well as by so many other entities that have failed to safeguard our information—is even better.
But Billshark wants you to know that the best way to keep crooks from taking a free ride on your good name is to freeze your credit.
2 Monitoring, Alerts, Locks, and Freezes
Credit monitoring tells you if someone has opened an account in your name. Of course, by then, the damage is done. It simply gives you a few extra days or weeks to try to undo it.
Fraud alerts are a step up from monitoring. With fraud alerts, a business must try to verify your identity before extending new credit. Usually that means calling to check if the person is actually at the particular place of business attempting to get credit. Fraud alerts must be renewed every 90 days.
The Federal Trade Commission (FTC) says fraud alerts may be effective at stopping someone from opening new credit accounts in your name, but they may not prevent the misuse of your existing accounts. You still need to monitor all bank, credit card, and insurances statements for fraudulent transactions.
Credit locks, offered by the three credit monitoring services (TransUnion, Equifax, and Experian), allow you to lock and unlock access to your credit report. They block potential creditors from viewing your credit history, making it difficult for a third party to open an account using your identity. Credit locks are free from TransUnion and Equifax; Experian charges for them.
Because credit locks are a product offered by the three credit reporting agencies, they are not regulated by law, and can be changed, modified, or lifted at any time.
Credit freezes, also known as security freezes, let you restrict access to your credit report, which makes it more difficult for identity thieves to open new accounts in your name. With a freeze, no one can access your credit report to open a new line of credit. Credit card companies and banks where you hold existing accounts will still be able to see your credit report. And you can still access your credit report free once a year from each credit rating agency.
If you want to make a purchase (home, auto, etc.), open a new account somewhere, or allow someone such as a prospective landlord to access your credit report, you will have to unfreeze it. If the request is made online or by phone, a credit bureau must lift a freeze within one hour. If the request is made by mail, the bureau must lift the freeze no later than three business days after getting your request.
And finally some good news out of Washington: As a result of the massive Equifax data breach, Congress actually took some useful action on behalf of consumers. Last fall it amended the Fair Credit Reporting Act to require the credit bureaus to freeze and unfreeze credit reports at no charge.
3 Which Option Is Best for You?
Billshark recommends that everyone keep their credit files frozen as a matter of course. The list of data breaches in recent years would fill much of this blog, and they keep occurring. The most recent, at Capitol One Financial Corp., was disclosed just last month. It hit 100 million customers in the U.S. plus six million more in Canada, and included names, addresses, phone numbers, email addresses, dates of birth, and income of current and prospective customers. Of those affected, an estimated 140,000 social security numbers and 80,000 bank account numbers were also stolen.
And remember that once your social security number and other information is “out there,” it’s floating around the Web forever. Just because you think you’ve escaped damage from one of the recent hacks doesn’t mean you’re home free.
Credit freezes are more secure than a lock because they require a PIN and/or a password to freeze and unfreeze your credit report. Locks can be lifted instantly through an app or smartphone.
4 Don’t Forget Your Kids’ Credit
Parents should also be sure to freeze their children’s credit files, which are just as vulnerable to identity thieves as adults’; more so, in fact, because crooks can begin with a blank slate to launch their own credit file using the child’s social security number. (Credit files at the reporting bureaus aren’t created until someone applies for credit.)
And remember, when you send your bills to us for a free review, we treat your personal information as though it was our own, and ensure we safeguard it throughout our entire transaction with you.
If at any time you have questions or concerns about how we handle your data, do not hesitate to contact us, or review our procedures on Billshark.
Share:
Billshark · Bill Negotiation Experts Helping consumers and small businesses stop overpaying on recurring bills.
Frequently Asked Questions
What is a credit freeze and how does it protect my identity?
A credit freeze, also known as a security freeze, restricts access to your credit report, making it more difficult for identity thieves to open new accounts in your name. With a freeze in place, no one can access your credit report to open a new line of credit. Credit card companies and banks where you already hold accounts can still see your report, and you can still get your free annual report from each credit rating agency.
What is the difference between a credit lock and a credit freeze?
Credit locks are a product offered by TransUnion, Equifax, and Experian that let you lock and unlock access to your report. Because they are not regulated by law, they can be changed or lifted at any time, and locks can be lifted instantly through an app. A credit freeze is more secure because it requires a PIN and/or password to freeze and unfreeze your credit report.
Does it cost money to freeze and unfreeze my credit?
No. After the Equifax data breach, Congress amended the Fair Credit Reporting Act to require the credit bureaus to freeze and unfreeze credit reports at no charge. Credit locks are also free from TransUnion and Equifax, though Experian charges for them.
How quickly can I unfreeze my credit when I need to apply for something?
If you need to make a purchase, open a new account, or let someone such as a landlord view your report, you must unfreeze it first. If the request is made online or by phone, a credit bureau must lift the freeze within one hour. If the request is made by mail, the bureau must lift the freeze no later than three business days after getting your request.
Should I freeze my children’s credit too?
Yes. Children’s credit files are just as vulnerable to identity thieves as adults’ — more so, in fact, because crooks can start with a blank slate to launch a credit file using the child’s social security number. Credit files at the reporting bureaus aren’t created until someone applies for credit, so freezing them is a smart precaution.
Here’s the Best Way To Protect Your Identity page context
Here’s the Best Way To Protect Your Identity is a Billshark page. It can help you with your bills and your choices, and it can show you how to save.
Protect your identity with a credit freeze. See how freezes beat monitoring, alerts, and locks, why they are now free, and how to freeze your credit today.
Use this page to learn about Billshark. Then go to the part of the site that fits what you need. Small steps add up. You can save a lot over time.
We share this page to help you make sense of your monthly bills, your choices, and what to do next. Keep this page handy. Ask us if you get stuck.
This page links you to more help from Billshark. Use it when you want more detail or a clear next step. You can save a lot over time.
Got a question about a bill you pay each month? This page can help you find the best answer. Read on to learn more. Small steps add up.
Read each part of this page at your own pace. If you need more help, go on to a guide on your topic. It is free to read. Keep this page handy. Ask us if you get stuck.
We put facts and tips in one place. This makes it easy to learn about the bills you pay at home. We are here to help. It only takes a few minutes.
This page can help with real questions. You can learn about your plan, your account, and what you pay each month. Small steps add up. You can save a lot over time.
Use the menu and the links to go from a big question to the facts that fit your own needs. Keep this page handy. Ask us if you get stuck.
We keep things short and clear so you can choose well. You can then read more if you want to. It only takes a few minutes. You are in the right place.
The links on this page help you weigh your choices. They also help you see what you pay and what to do next. You can save a lot over time.
Our goal is to help you spot the bills you pay each month. We also share smart ways to keep them low. Ask us if you get stuck. Read on to learn more.
Come back to this page when you have a new question. It will still be here to help with bills and savings. You are in the right place. It is free to read.
We link the small choices you make each day to the big picture. That means your budget and what you spend at home. We make it easy for you.
Each part of this page helps you see what you need. It may be help with a plan, your account, or a good read. Read on to learn more. Small steps add up.
Use what you learn here to plan your questions. Look at your choices, then take the next step when you are ready. It is free to read. Keep this page handy.
Our pages link to each other. That way, you can find more help and still keep track of what you came for. We are here to help. It only takes a few minutes.
This page makes it easy to find the key facts first. Then you can pick a plan or make a change with less stress. Small steps add up. You can save a lot over time.
Good facts help you see why a bill went up. They also show you what to check before you call or reply. Keep this page handy. Ask us if you get stuck.
This page puts the key facts in one place. It can help you talk with a company about your bills and how to save. It only takes a few minutes. You are in the right place.
Our other pages explain the words you see on a bill. They also help you weigh the pros and cons of each plan. You can save a lot over time. We make it easy for you.
Our tips focus on real choices you can make. Start with the basics, then read a more detailed guide if you need one. Ask us if you get stuck. Read on to learn more.
This page is one of many that we share. Together they cover home costs, the firms you pay, and how to get help. You are in the right place. It is free to read.
Take your time and read this page first. It helps you see your choices and find out what to read next. We make it easy for you. We are here to help. It only takes a few minutes.
We set this page up so you can compare and keep reading. You will not need to hunt for what you want. Read on to learn more. Small steps add up. You can save a lot over time.
Monthly bills come with rules, terms, and fine print. This page helps you find the parts that count for you. It is free to read. Keep this page handy. Ask us if you get stuck.
Our pages give you a clear view of what you pay each month. You can then pick the plan or guide you want. We are here to help. It only takes a few minutes.
Some of our guides cover the basics. Others go into detail on one company or one type of bill. Small steps add up. You can save a lot over time. We make it easy for you.
It pays to read first and act later. This page links you to the next guide if you want to learn more. Keep this page handy. Ask us if you get stuck.
We share guides that help you make sense of your bills. They show your choices and the best next step. It only takes a few minutes. You are in the right place.
Want more detail on a bill, a plan, or your account? Check this page against the links we share here. You can save a lot over time. We make it easy for you.
We group our pages by topic to keep things simple. This helps you stay on track as you read about your costs. Ask us if you get stuck. Read on to learn more.
A bit of background goes a long way. It helps you spot what counts before you check a bill, change a plan, or call us. You are in the right place. It is free to read.
This page is part of our help library. It gives you clear facts and links so you can keep on reading. We make it easy for you. We are here to help.
Your needs can change, so come back any time. Our other pages can help you look into a new cost or plan. Read on to learn more. Small steps add up. You can save a lot over time.
We laid out this page to help you get the facts and compare them. You can then choose your next step with ease. It is free to read. Keep this page handy.
Free credit monitoring is helpful, but it only warns you after the damage is done.
Credit monitoring is good.
But Billshark wants you to know that the best way to keep crooks from taking a free ride on your good name is to freeze your credit.
Credit monitoring tells you if someone has opened an account in your name.
Fraud alerts are a step up from monitoring.
The Federal Trade Commission (FTC) says fraud alerts may be effective at stopping someone from opening new credit accounts in your name, but they may not prevent the misuse of your existing accounts.
Credit locks, offered by the three credit monitoring services (TransUnion, Equifax, and Experian), allow you to lock and unlock access to your credit report.
Because credit locks are a product offered by the three credit reporting agencies, they are not regulated by law, and can be changed, modified, or lifted at any time.
Credit freezes , also known as security freezes, let you restrict access to your credit report, which makes it more difficult for identity thieves to open new accounts in your name.
If you want to make a purchase (home, auto, etc.), open a new account somewhere, or allow someone such as a prospective landlord to access your credit report, you will have to unfreeze it.
And finally some good news out of Washington: As a result of the massive Equifax data breach, Congress actually took some useful action on behalf of consumers.
Billshark recommends that everyone keep their credit files frozen as a matter of course.
And remember that once your social security number and other information is “out there,” it’s floating around the Web forever.
Credit freezes are more secure than a lock because they require a PIN and/or a password to freeze and unfreeze your credit report.
Parents should also be sure to freeze their children’s credit files.
And remember.
If at any time you have questions or concerns about how we handle your data, do not hesitate to contact us, or review our procedures on Billshark .
A credit freeze, also known as a security freeze, restricts access to your credit report, making it more difficult for identity thieves to open new accounts in your name.
Credit locks are a product offered by TransUnion, Equifax, and Experian that let you lock and unlock access to your report.
No.
If you need to make a purchase, open a new account, or let someone such as a landlord view your report, you must unfreeze it first.
Yes.
Billshark negotiates your bills for you — no savings, no fee.
Billshark helps lower internet, wireless, cable, satellite radio, and other monthly bills.
Our experts handle providers for customers and share updates throughout the process.
Customers pay only when Billshark finds savings on eligible bills.
1 Monitoring Alone Isn’t Enough.
2 Monitoring, Alerts, Locks, and Freezes.
3 Which Option Is Best for You?.
4 Don’t Forget Your Kids’ Credit.
Frequently Asked Questions.
What is a credit freeze and how does it protect my identity?.
