Friday, September 21st was the last day credit report bureau could no longer charge to freeze your credit. Before September 21st, 2018 credit report bureau’s used to charge to freeze your credit reports. So how can you do this for free?
A new law went into place this past week that affects credit bureaus such as Equifax, TransUnion, and Experian. It used to cost anywhere around $5 to request a freeze on your account and sometimes those fees vary from state to state or depending on where you live. I saw some fees reach as high as $10 for every time you or someone wanted to put a freeze or unfreeze a credit account.
Why would I want to freeze my credit reports?
Freezing your credit prevents creditors from reviewing your account, This can also help to prevent identity theft from happening to you. In order to execute a freeze on your account, you will have to visit each of the three major credit bureaus.
How long does it take when I request to freeze my credit account?
The new law states that each credit bureau has to comply with your request within 24 hours. You can make a request over phone and online. To unfreeze your account you do the same thing just call them or do it online and the credit bureaus have 24 hours to unfreeze your credit account. I called one credit bureau and they basically told me they can do it pretty instant as soon as you call or contact them online.
How long does a freeze on my credit last?
You make the call there; a freeze on your account will last as long as you want it to. No matter what freezing and unfreezing is now free. You can freeze your credit as long as you want, you can make it temporarily or unfreeze your credit when you are expecting to use it.
If you are struggling with your credit or have damaged credit that is affecting your personal finances I can help. If you live in the greater Austin area I help people save thousands in paying interest and increasing their credit scores to empower their buying power and helping pay less in interest. Let's get this part of your life back on track and start establishing a stronger financial future for you and your family.
Rene Gonzales
Senior Representative
c. 512-568-7203
e. [email protected]
www.Primerica.com/ReneGonzales
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