Why Are Credit Freezes Important | Debt.com
2,506 views · Published 30 November 2018 · 7:51 · Indexed 25 September 2026
Channel: Debt.com · 2018 · People & Blogs
For more information, check out this link: https://www.debt.com/edu/credit-freeze/ What is a credit freeze? Put simply, a freeze is like a lock on your credit, where no one has access to your credit history but you. If you want to give a company access to your credit history, you must have the “key,” which is a specialized PIN you give the credit agency. Once they confirm your PIN, they “unfreeze” your account to allow businesses and companies to view it. For example, opening a new credit card, getting a new phone, buying a house, a car or most other major purchases, all require a credit check. If your credit is frozen, you would have to call each bureau to unfreeze your account to then apply for a loan or make a purchase. Under the old system, it could take up to three days and cost up to $30 in total once you contact and pay each bureau. In 2018 credit freezes from all three credit bureaus became free for all consumers nationwide. Two of Debt.com’s experts – founder and CPA Howard Dvorkin and personal finance writer Jessica Patel – talk about what credit freezes are, how they’ve changed with the new regulation, and why everyone needs to consider setting credit freezes, given the prevalence of identity theft today. Learn how to freeze your credit reports under the new regulations so you can protect your identity and credit in the age of identity theft. --------------------------------------------------------------------------------------------- Liked this video? Subscribe here: http://www.youtube.com/subscription_center?add_user=DebtDotCom And remember to let us know your thoughts in the comments section below! For more information about Debt.com SIGN UP for our NEWSLETTER: https://www.debt.com/ub/newsletter/ Follow us on social media: ★ Facebook: https://facebook.com/debtcom/ ★ Twitter: https://twitter.com/debtcom/ ★ Instagram: https://www.instagram.com/debtcom/ ★ Google+: https://plus.google.com/+DebtDotCom
