#EXPERIAN CREDIT FREEZE FEE FREE#
"The contract may be unclear, may include provisions that allow the other party to change it, or include provisions that you may be better off not agreeing to, such as an arbitration agreement," she says.įor example, immediately following the breach, Equifax introduced its free TrustedID Premier product, which lets consumers lock their credit and provides credit monitoring. "Having a contractual agreement is not as strong as having protections under law," Tetreault says. By contrast, a credit lock is simply an agreement between you and the credit reporting agency. Perhaps the main reason a security freeze is the better option is that its promise to guard your credit accounts is guaranteed by law, Tetreault says. Here's a look at the key differences between a credit lock and credit freeze. A credit freeze offers more stringent legal protections, making it the better option for consumers, according to Christina Tetreault, a staff attorney on the financial services team at Consumers Union, the advocacy division of Consumer Reports. However, there are some important differences to keep in mind when deciding which tool to use. Equifax, for instance, offers a new product called "Lock & Alert" free for life. To entice consumers to use credit locks, the credit bureaus cite convenience and may offer special deals. They both prevent others from accessing your credit information, eliminating the possibility that a fraudster could open a new credit account in your name. However, each bureau is now offering credit lock tools, sometimes with hefty monthly costs, as alternatives to credit freezes.Ĭredit locks and freezes are similar.
Consumers worried about identity theft after last year's massive Equifax data breach can finally freeze their credit reports at all three credit bureaus free of charge.
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