After criminals hacked into Equifax’s credit system, people are asking if they should freeze their credit.
Here are ten facts to know about freezing credit:
- Freezing your credit will lock down and stop all new credit activity, so that no one can open a new account in your name or with your social security number.
- If you want to apply for credit, such as a mortgage or auto loan, you will need to contact the credit agencies with the personal identification number (PIN) they supplied you with.
- You must give them three days to unfreeze your credit.
- If you unfreeze your credit to apply for financing, you can then refreeze it afterward.
- A credit freeze does not prevent you from using your existing accounts.
- You can still dispute erroneous information in your credit file during a credit freeze.
- You can request your free annual credit report while your credit is…
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