Thus, each credit reporting agency has its own procedures in place. The "Security Freeze” law does not specify what information the credit reporting agencies may require to place a freeze on your credit reports. Send a written request via certified mail or by using another method authorized by the credit reporting agency. Therefore, you should continue to regularly check your monthly bank account and credit card statements for signs of any suspicious activity. In addition, a freeze will not prevent a thief from fraudulently using your existing credit card or bank accounts. Since there may be a delay between the receipt of your request and the actual lift or removal, it is important to plan ahead to ensure that your credit report is accessible for purchases and other significant transactions. Since a freeze blocks third parties from accessing a consumer's credit report, it makes it very difficult for a potential identity thief to fraudulently open a new account in your name.įreezes may delay, interfere with, or prohibit the timely approval of new loans, credit, mortgages, government services or payments, insurance, rental housing, employment, investments, licenses, cellular phone service, utility service, digital signature, Internet credit card transactions, and extension of in-store credit. Businesses generally do not extend credit to an individual without first checking his or her credit report. Unlike many identity theft protection methods which are only effective after identity theft has occurred, credit report freezes can help protect consumers from identity theft before it happens.Ĭredit report freezes are designed to prevent thieves from opening new accounts in the consumer's name. The results from any calculations, such as indicative monthly repayments, are estimates only and should be used for general information purposes.A credit report security freeze generally allows a consumer to block access to his or her credit report by third parties (such as credit lenders or other companies) who are not exempted under law.Īll Virginians have a right to obtain a freeze on their credit report from the individual credit reporting agencies. Commercial arrangements exist with some providers (which may include payments that we receive from them for displaying their products and associated click throughs.Ĭredit Savvy endeavours to provide accurate information and no responsibility is taken for errors or oversights. The display or order of products is not an indication of product ranking or suitability. We do not accept any liability in respect of any product from any provider. Once you click on a link or apply for a certain product you will be dealing with the provider and not us. You should consider your own objectives, financial situation and needs, along with the product's terms and conditions, before making a decision to apply for a product. Interest rates are subject to change and some products may have lower introductory rates which revert to higher rates after a set period of time.
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