How to Lock Your Credit
If you think someone is applying for credit in your name, it’s important to act quickly to minimize the damage. Applications for new credit affect your credit scores, and the impact will be even more severe if the criminal is successful in opening an account.
- A credit lock prevents new lenders from viewing your credit report, which may be critical if you suspect your personal information has been stolen.
- Though similar, a credit lock is different from a credit freeze and often comes alongside other credit monitoring services that may have a fee.
- To lock your credit, visit the website or app of all three credit bureaus. Keep in mind that you may need to pay for a monthly subscription.
What is a credit lock?
A credit lock is a digital security measure that can be used to protect your credit. If you see signs of suspicious activity on your credit report or if you suspect your identity has been stolen, it might be a good idea to place a lock on your credit with each of the three credit bureaus: Experian, Equifax and TransUnion.
When your credit reports are locked, potential lenders and creditors can’t access them. This means if someone tries to open a new line of credit, the application will automatically be denied because the lender cannot assess your creditworthiness.
Why would you want to do this? The primary reason is to protect yourself against fraud and identity theft. If a scammer obtains your personal information, they could attempt to open new credit accounts in your name. With a credit lock in place, these attempts will be blocked, allowing you to prevent further damage to your credit score.
Credit lock vs. credit freeze
Though the terms are sometimes used interchangeably, credit locks and credit freezes have some key differences, particularly when it comes to cost, speed and features. Both options block access to your credit report, but the right choice for you will depend on your main priorities.
While a credit freeze is typically free, it may take one to three business days to go into effect depending on how you submit your request (online, by phone or by mail). By comparison, a credit lock is usually instantaneous, but you’ll have to pay for the service.
Costs can vary between credit bureaus, but in exchange for a monthly fee, credit locks often come with additional features, such as daily alerts, dark web monitoring and access to free copies of your credit report. Though credit freezes are guaranteed by federal law, credit locks are products sold by credit agencies, so their terms and conditions may change over time.
Here is a side-by-side comparison:
How do I lock my credit?
To successfully lock your credit, you’ll need to contact or set up an account with all three credit bureaus. Potential lenders may pull your report from any of the bureaus, so failing to lock all three will leave you exposed.
To request a lock on your credit report, you’ll need to provide personal information like your name, address and Social Security number. You may also need to provide documents to verify your identity, like a driver’s license, birth certificate or passport, as well as documents to verify your address, such as a recent utility bill or bank statement.
Here’s what you can expect with each credit bureau:
- Experian CreditLock: This option is available as a part of Experian’s premium identity protection subscription, which is free for the first week, then costs $24.99 per month. Once you’re subscribed, you can instantaneously lock and unlock your credit file online or in the Experian app.
- TransUnion Credit Monitoring: To lock your TransUnion credit file, you’ll need to subscribe to the Credit Monitoring tool, which costs $29.95 per month. You can lock your credit instantly online or through the mobile app.
- Equifax Lock & Alert: Unlike the other credit bureaus, Equifax offers credit locks for free. You can lock or freeze your credit report with the Lock & Alert app or you can sign up for a paid plan to gain access to more advanced features.
How do I freeze my credit?
If you’d prefer to freeze your credit, all three credit bureaus allow you to freeze your credit online. Visit the Experian, Equifax and Transunion websites to freeze your credit on each platform. The bureau websites also contain information on how to freeze your account by phone or mail.
Your credit score can still change while your credit is locked. A credit lock only prevents creditors from accessing your report for the purposes of approving a new loan or credit card. Your existing lenders will still be able to view your report, and your behavior will still be reported to the big three credit bureaus. You can check your credit score for free with LendingTree Spring.
Is locking my credit the best option?
As we’ve covered, there are two ways to put your credit files on lockdown: a credit lock and a credit freeze. A credit lock might be your best option if:
- You value instant control: You can typically lock and unlock your credit instantly, often through a convenient mobile app. This speed is ideal if you want the flexibility to open and close access to your credit reports as needed.
- You’re interested in additional services: Many credit locks are bundled with paid identity protection services, such as real-time credit alerts and identity theft insurance. If the comprehensive protection these services provide appeals to you, a credit lock might be worth the potential cost.
Frequently asked questions
You can unlock your credit with each of the three credit bureaus by logging into your account online or through the mobile app. Look for the option to “unlock” or “unfreeze” your credit file, depending on whether you locked or froze your credit. This action will allow lenders to access your credit report again, making you eligible for new credit offers.
Yes, parents and guardians can place a credit freeze on their child’s credit to prevent fraud and child identity theft. This is true until the child turns 16, at which point they become responsible for their own credit report.
To freeze your child’s credit, you’ll need to contact all three credit bureaus and provide documentation to prove your identity.
Both credit locks and security freezes can be beneficial. The right option for you will depend on several factors, including how quickly you need the lock to go into effect and whether you’re willing to pay for the service.
Get debt consolidation loan offers from up to 5 lenders in minutes