Many experts recommend that you always set an expiration date with the credit bureaus when you unfreeze your credit. This means you’ll want to allow for a longer time period for your credit to be open. On the other hand, if you are submitting a rental application for an apartment, the landlord might not run your credit for several days. In this case, it may be wise to set a temporary 24-hour lift on your credit. If you are applying for a store credit card at BestBuy or Home Depot, you’ll find they generally run your credit on the spot. For example, if you’re shopping for a new car loan or a mortgage loan, you could lift the freeze for a specific time period to allow time to find the best loan for you. To temporarily unfreeze your credit, you can instruct the bureaus to lift the freeze for a certain number of days. You have the option of freezing your credit permanently or temporarily. Note that if you are looking to freeze credit for a minor, you must mail your request to the credit bureaus. However, if you mail your request, the bureaus have three business days from the day they receive the request to lift the freeze. How Long Does It Take to Unfreeze Your Credit?įortunately, you can unfreeze your credit quickly, although the timeframe to unfreeze your credit depends on the method you use to request it.įor instance, if you request the lift online or over the phone, the three credit reporting agencies must lift a credit freeze in one hour. In many states, insurance companies can use information from your credit report to determine your premium rates. You may also need to unfreeze your credit if your insurance companies need information from your credit report to determine your premium rates. You can then unfreeze your credit whenever you want to apply for a new car loan, credit card, mortgage loan and the like.
EQUIFAX LIFT FREEZE FREE
Thanks to the Economic Growth, Regulatory Relief, and Consumer Protection Act, credit freezes are free to consumers and they do not impact your credit score.įreezing your credit report can be a good idea if you don’t apply for credit often. It also does not defend against tax fraud, employment fraud or account takeovers. The freeze does not protect against someone stealing your personal information. It’s important to note, when you set a freeze on your credit the freeze only protects you from someone else opening credit in your name. The credit freeze helps you safeguard against unauthorized access to your credit report without your knowledge. Many people freeze their credit reports because as a cautionary measure against data breaches and identity theft. In this way, a credit freeze protects your identity by “freezing” access to your credit reports by with the three largest credit bureaus–Equifax, Experian and TransUnion. The reason it makes life harder for identity thieves is that they can’t open a new account until a creditor reviews an applicant’s credit report, and a freeze prevents the creditor from that process. The FTC describes a credit freeze as a free tool to restrict access to your credit report so that it is harder for thieves to open credit accounts in your name. Here’s some information to help you understand how the unfreezing process works, and how long it takes for your credit to “thaw.” How Do Credit Freezes Work? Bureaus have three business days to lift freezes when they receive the requests by mail. If you’re wondering how long it takes to unfreeze your credit, here’s some good news: Due to government regulation, the major credit reporting agencies (Equifax, Experian and TransUnion) must lift a credit freeze within one hour for all requests made online or by phone.
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