The Difference Between a Credit Freeze and a Credit Lock (and When to Use Each)

In today’s world of rampantidentity theftanddata breaches, protecting your credit has become vitally important.

While both restrict access to your credit file, there are some key differences to understand.

What is a credit freeze?

No one can view your credit file or credit score until you temporarily lift or permanently remove the freeze.

This makes it extremely difficult for identity thieves to open new credit accounts in your name.

You must contact each credit bureau individually to freeze your report with that bureau.

Freezes remain in place permanently unless you lift or remove them.

Freezes don’t affect your credit score or existing creditor access.

Like freezes, locks prevent lenders from viewing your report and opening new accounts.

But there are some major differences.

Locks are programs offered by credit bureaus, not controlled by federal law.

Locks may be free initially but often require a paid subscription for continued use.

The process to lock and unlock your report is faster than freezes.

Locks may automatically re-lock after a specified period of time.

Credit locks don’t have the same legal protections as freezes under some state laws.

So in what situations are freezes or locks most appropriate?

Freezes offer the highest level of security and legal protection from identity theft and credit fraud.

Credit locks can provide added convenience by allowing you to quickly lock and unlock your reports.

However, locks don’t have the same legal backing as freezes in some states.

But for maximum security and legal protection, freezes are still the recommended route for most.

For more,here’s how to “thaw” your creditinstead of a full freeze or unfreeze.