Want identity thieves to get a chilly reception if they try to open credit accounts in your name? Then sign up for CreditLock from TrustedID, a service that allows you to freeze your credit. Freezing your credit is different from putting a fraud alert on your credit file. With a fraud alert, a creditor is asked to contact you before opening new credit via a note on your file but still has the authority to make the transaction by verifying your identity in another reasonable manner.
With a credit freeze, from TrustedID or the credit bureaus themselves, there is no way to get around it. The individual will not be able to open the account without your approval. It is absolutely and unequivocally required. In fact, you have to authorize it before the transaction takes place. The only way the creditor can even access your credit file, much less open credit in your name, is if you contact the credit bureau in question and give a preassigned personal identification number. In other words you have to temporarily lift the credit freeze also known as thawing your credit. Of course, removing the credit freeze permanently is another option.
Now this can be a good thing, but it can also be an inconvenience. Identity thieves are not allowed to access your credit, but neither are legitimate companies or even you. If you’re trying to apply for a car loan or credit card or even some jobs, you’ll have to ask the company which credit bureau they plan to check with and contact the credit bureau yourself. Sometimes it can take up to three days to have your credit “thawed.†If you apply for a lot of credit, the process of freezing and thawing can get expensive too, since you are charged a fee each time; on average $30 ($10/bureau) to set and $30 for thawing or refreezing.
If you don’t want to have to take care of all the heavy lifting yourself, consider an identity theft insurance plan that has a credit freezing option instead. For example, TrustedID offers CreditLock service, which has all the benefits of credit freezing, as an add-on to its individual or family package of services. Instead of having to contact the credit bureaus to freeze or thaw your file, you simply visit Trustedid.com or call them, and they will take care of the rest for you, including refreezing your credit once your transaction is complete. Then on top of enjoying the added ease as far as credit freezing goes, you get to take advantage of some of the other benefits that identity theft insurance can offer.
There are dozens of different companies and plans to protect your identity so you can easily find one that fits your needs. They offer services such as monitoring of your existing credit accounts for unusual activity, fraud alerts, regular access to your credit reports and one-step processes to help you if you lose your purse or wallet. Many also offer a considerable amount of financial assistance if you become victimized while under the care of the service. Insurance or guarantees vary up to $1 million for things like restoration expenses, lost wages and legal fees. Our chart compares the best identity protection companies so you will easily be able to see how TrustedID stacks up to the competition. Find out more about TrustedID identity theft protection service now and keep your credit squeaky clean, whether it’s warm or cold.