A credit freeze provides invaluable peace of mind.Ī certain cohort of “protected consumers,” which includes incapacitated individuals and those who have been appointed a guardian, should absolutely be protected by a credit freeze. A busy family caregiver may not have the time or energy to monitor their own credit report, let alone their loved one’s credit activity. When it comes to seniors and their family caregivers, extra protection is crucial. I strongly recommend that all consumers consider placing security freezes on their credit since recovering from identity theft can be a long and difficult process. It’s best to be proactive about preventing identity theft, especially if you rarely need to grant a new creditor access to your credit activity and history. Who Should Freeze Their Credit?ĭata breaches are increasingly common and the likelihood that a person’s credit report and other sensitive information have already been exposed is high. Therefore, a credit freeze is a method of stopping fraudulent activity before it occurs. If the credit report is blocked, then the creditor is unable to review it and will typically deny the application.
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When someone submits a tenant application or credit application (for a loan or credit card), the creditor will request a copy of the applicant's credit report.