Protect Your Credit with a Freeze

Tl;dr: Prevent unauthorized uses of your credit by freezing your credit with the three major bureaus. 

Before extending you credit, lenders typically check your credit at one (or more) of the three major credit bureaus: Equifax, Experian, and TransUnion. This process is the same whether you are applying for credit (like a new credit card or a bank loan) or whether an identity thief is trying to open an account and obtain money with debt in your name. 

That latter possibility is why I always keep my credit frozen with the three major bureaus unless I am actively applying for credit. Although it takes a little bit of time to set up an account with each of the three bureaus, the process only takes an hour or two and is well worth the effort. Once your accounts are set up with the three bureaus you can freeze and unfreeze your credit in a matter of minutes, allowing you to quickly access your credit when you need it, and then re-freeze it once the application process is over (you can also simply choose a temporary “thaw” for a defined period, so you don’t even need to go back and actively re-freeze it).

Nerdwallet has a good overview of the process here, along with instructions for each of the bureaus. But the process is fairly straightforward and can be easily completed on each company’s website: Equifax, Experian, and TransUnion. A little bit of time and effort now could save you a lot of time, hassle, and even money down the line.