A credit freeze and a credit lock prevent unauthorized use of your credit files. Credit freezes, however, are entirely free, whereas credit locks could be a part of a premium service package.

A credit lock or freeze can prevent identity thieves from using your credit report for fraudulent objectives. If you apply for a credit freeze or credit lock with one of the three major credit agencies, you limit who can access your credit information.

If you suspect that your personal information has been stolen, breached, or otherwise made vulnerable to misuse, placing a freeze or lock on your credit may be in your best interest. A fraud alert is usually preferable when this is not the case.

What Does It Mean to Freeze Your Credit?

By federal law, you may freeze and unfreeze your credit with no fees assessed by any of the three major credit reporting agencies. Requesting a credit freeze from each of the three major credit reporting agencies is necessary to restrict access to your credit history.

Free security freezes are available from Experian if you visit their Security Freeze Center and fill it out. If you want to freeze your credit with Equifax or TransUnion, click on the appropriate link below. Using the Experian mobile app, you can temporarily lift a security freeze you've placed on your credit report.

The Credit Lock: What Is It?

A credit lock preventing anyone from accessing your credit report without your permission. It may be enabled or disabled immediately through a dedicated mobile app or encrypted website.

Credit lock services are unique among the three major national credit reporting companies. As part of its CreditWorksSM Premium subscription service, Experian provides its customers with Experian CreditLock as well as:

• Three-bureau credit reports monthly
• Notifications of any new activity across all three credit reporting agencies to help you spot fraudulent charges
• Identity protection coverage of up to $1 million
• Telephone assistance from Experian credit and fraud resolution specialists

If you want to put a hold on your credit report, you'll need to give identification to each credit bureau. You can either email or send in the required paperwork. When you lock your credit, it is protected in the same way that it is when you freeze your credit.

Still, you are restricted in the same ways when using either method: While identity thieves will be prevented from accessing your credit report, new creditors to whom you apply for credit may be restricted from viewing it.

When To Issue A Fraud Warning

A fraud alert is a free service that can be used as a less severe alternative to credit lock. Creditors can still view your credit report if you place a fraud alert. Still, they will need further proof of identification before approving any new credit or opening new accounts in your name.

Fraud notifications can be one of three varieties:

First-Ever Fraud Warning:

The most basic fraud alert, also known as a temporary alert, can be put up by anyone at any time for any reason, and it's the only type that doesn't cost anything.

Fraud Warning, Active Duty:

This notice is likewise issued for one year and is meant for service members of the United States military forces deployed overseas.

Extended Scam Alert:

To maintain this warning for seven years, you must provide documentation of the fraud report you initially filed with law authorities.

While the expiration of a fraud alert automatically removes it, you can request the removal of any of the three signs at any time, just as you do with a credit freeze or lock.

Credit Freeze and Credit Lock: How To Remove Them

Toggling the feature in your Experian account is the simplest and quickest way to lift a credit freeze. When thawing your credit, you'll need to do so independently with each of the three major bureaus if you froze it. Your credit freeze can be lifted temporarily or permanently, depending on your needs.

You can find more information here if you need to figure out how a credit freeze may affect your file. To unlock your credit, you must click a button on a credit bureau's website or mobile app. After making changes to your credit report, flip the switch back on to activate the lock again.