{"id":1412,"date":"2020-11-26T14:23:43","date_gmt":"2020-11-26T10:23:43","guid":{"rendered":"https:\/\/moneymall.ae\/credit-blog\/?p=1412"},"modified":"2020-11-26T14:24:47","modified_gmt":"2020-11-26T10:24:47","slug":"credit-freeze","status":"publish","type":"post","link":"https:\/\/moneymall.ae\/credit-blog\/credit-freeze\/","title":{"rendered":"What is a Credit Freeze? Important things to know about it"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">A credit freeze is something that you can put in place to limit others from viewing your credit reports, including lenders. Freezing your credit is an extreme step, but it might be necessary if you are dealing with identity theft.\u00a0 Moreover, if other measures, such as fraud alerts, have not been effective for you, you may have to opt for a credit freeze. Since a credit freeze stops most lenders and service providers from obtaining your credit report, you will have to lift the freeze before making any applications for new credit. Keep in mind that freezing your credit report simply as a preventive measure may cause undue inconvenience. So, before you request a credit freeze, here are a few things to keep in mind and pros and cons to look into. Continue reading\u2026<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3c96153a3b8\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3c96153a3b8\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/moneymall.ae\/credit-blog\/credit-freeze\/#What_is_a_credit_freeze\" >What is a credit freeze?<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/moneymall.ae\/credit-blog\/credit-freeze\/#What_is_the_required_process_for_a_credit_freeze\" >What is the required process for a credit freeze?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/moneymall.ae\/credit-blog\/credit-freeze\/#What_are_the_pros_of_a_credit_freeze\" >What are the pros of a credit freeze?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/moneymall.ae\/credit-blog\/credit-freeze\/#What_are_the_cons_of_a_credit_freeze\" >What are the cons of a credit freeze?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n\n<figure id=\"attachment_1891\" aria-describedby=\"caption-attachment-1891\" style=\"width: 1920px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/moneymall.ae\/credit-blog\/credit-freeze\/victoria-wendish-mcm_88u2dis-unsplash\/\" rel=\"attachment wp-att-1891\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1891\" src=\"https:\/\/moneymall.ae\/credit-blog\/wp-content\/uploads\/2020\/09\/victoria-wendish-MCM_88U2DIs-unsplash.jpg\" alt=\"credit freeze\" width=\"1920\" height=\"2332\" \/><\/a><figcaption id=\"caption-attachment-1891\" class=\"wp-caption-text\">credit freeze<\/figcaption><\/figure>\n<ul>\n<li>\n<h1><span class=\"ez-toc-section\" id=\"What_is_a_credit_freeze\"><\/span><b>What is a credit freeze?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">A credit freeze is a tool used by consumers to help protect themselves against credit fraud. When you freeze your credit reports, most companies are blocked from viewing them until you lift the freeze. When lenders cannot view your credit report, they can&#8217;t extend credit. This means that if someone has managed to steal your Social Security number and other personal information, they will not be able to open fraudulent credit accounts in your name. That being said, a credit freeze will also make it impossible for you to get approved for credit unless you lift it temporarily or permanently.<\/span><\/p>\n<ul>\n<li>\n<h2><span class=\"ez-toc-section\" id=\"What_is_the_required_process_for_a_credit_freeze\"><\/span><b>What is the required process for a credit freeze?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">You will need to file a credit freeze request with all three major credit bureaus for it to be effective. During the process, you will also need to answer a handful of questions to verify your identity. Moreover, you will need to provide your Social Security number, a copy of a photo ID and proof of residence, such as a recent utility bill. Depending on the bureau, you may get a PIN that can be used to freeze and unfreeze your report in the future.\u00a0 Remember that if you plan to apply for credit with a security freeze on your credit reports, you will need to lift the freezes, either temporarily or permanently, before you apply to ensure the lender can view your reports during its credit check.<\/span><\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>\n<h2><span class=\"ez-toc-section\" id=\"What_are_the_pros_of_a_credit_freeze\"><\/span><b>What are the pros of a credit freeze?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Here are a number of pros of freezing your credit:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You can freeze your credit at no cost since it is absolutely free.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A credit freeze inhibits lenders &amp; creditors from getting access to your credit report.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It is indeed an amazing tool to combat credit fraud and identity theft.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A credit freeze is one of the best ways to prevent authorized accounts from being opened under your name.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A credit freeze will last for as long as you want it to be. It would not expire until and unless you remove it with your own choice.<\/span><\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<ul>\n<li>\n<h2><span class=\"ez-toc-section\" id=\"What_are_the_cons_of_a_credit_freeze\"><\/span><b>What are the cons of a credit freeze?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">A few cons of a credit freeze that you need to take into consideration before opting for freezing your credit are as follows:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The process of credit freeze might be time taking since you will need to do it with each credit bureau separately.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Unfreezing your credit needs a PIN and if in case you forget your PIN, then the thawing process might be lengthy.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A credit freeze might also take a toll on your other key preferences. If you are going to opt for a new credit card, consumer finance, car loan, or any other type of loan, then you will have to lift the credit freeze. Since this process is lengthy and time-consuming, your application might get delayed as well.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Freezing your credit can not help in such situations where identity theft or fraudsters have already access to your personal or financial information. For example, if you have been a victim of online banking fraud in the past then a credit freeze will not be helpful in such circumstances.<\/span><\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<p>Credit Freeze facility\u00a0 is Not available in UAE at the moment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A credit freeze is something that you can put in place to limit others from viewing your credit reports, including [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1413,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[76],"tags":[],"class_list":["post-1412","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking-terms-dictionary"],"_links":{"self":[{"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/posts\/1412","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/comments?post=1412"}],"version-history":[{"count":6,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/posts\/1412\/revisions"}],"predecessor-version":[{"id":1894,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/posts\/1412\/revisions\/1894"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/media\/1413"}],"wp:attachment":[{"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/media?parent=1412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/categories?post=1412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/moneymall.ae\/credit-blog\/wp-json\/wp\/v2\/tags?post=1412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}