Should You Freeze Your Credit? - DC News FOX 5 DC WTTG

Should You Freeze Your Credit?

Posted: Updated:
ATLANTA -

When you put a credit freeze on your credit report what exactly are you doing? For the most part, it blocks access to your personal financial information, but there are exceptions.

Many people will request a credit or security freeze from the credit bureaus when they think their identity has been compromised.  But access to your personal credit information or credit score isn't completely shut off from the outside world.

For example: If you already have a credit card, that card issuer can still increase your credit limit on that card. In some cases, the head of the state's consumer protection agency says, it may be able to issue you another card within the same organization.

But John Sours of the Governor's Office of Consumer Protection says, ultimately, the point of a freeze is to make sure you are not one of the 16 million people who are victims of ID theft every year.

"The number one reason you would want to freeze your credit is to keep people that you don't know, and have no intention of doing business with, from examining your credit, finding out where you're getting credit and how much you have, " he said.

Mr. Sours says a freeze will cost you a little bit out of pocket. The three big credit reporting agencies charge  three bucks a piece to install a freeze. And lifting the freeze - temporarily or permanently - will also cost you three dollars a piece, he says.  This price varies from state to state.    And, if you lose the PIN you get to access your account, that'll cost another $5.

 Some people choose to permanently freeze their credit only lifting it for special occasions.  This might work, but it depends on what stage life you're in.  If you own a home and cars and don't see needing a loan soon, then it may be a nice, safe solution.  But know that when you ask to lift the freeze, it may take a few days. 

  • I-Team Story ArchiveMore>>

  • Attorney General reopens investigation into DeKalb travel agent

    Attorney General reopens investigation into DeKalb travel agent

    Friday, August 1 2014 10:31 AM EDT2014-08-01 14:31:25 GMT
    FOX 5 I-Team InvestigatesFOX 5 I-Team Investigates
    A local travel agency owner, who's been ordered by the Attorney General's office to clean up his act, is facing the same complaints again. First, there were Girl Scouts then church ladies and now a family planning a cruise says its out $21,000.
    A local travel agency owner, who's been ordered by the Attorney General's office to clean up his act, is facing the same complaints again. First, there were Girl Scouts then church ladies and now a family planning a cruise says its out $21,000.
  • Ray McBerry ex-employee speaks

    Ray McBerry ex-employee speaks

    Wednesday, July 30 2014 11:02 PM EDT2014-07-31 03:02:51 GMT
    A second young woman filed a Henry County police complaint accusing former gubernatorial candidate Ray McBerry of some bizarre behavior.
    A second young woman filed a Henry County police complaint accusing former gubernatorial candidate Ray McBerry of some bizarre behavior.
  • Mom confronts Ray McBerry over modeling request

    Mom confronts Ray McBerry over modeling request

    Wednesday, July 30 2014 12:04 PM EDT2014-07-30 16:04:32 GMT
    A twice-failed candidate for Georgia governor found himself face-to-face with a mother furious over what he was trying to do this month with her teenage daughter.
    A twice-failed candidate for Georgia governor found himself face-to-face with a mother furious over what he was trying to do this month with her teenage daughter.
  • Contact the FOX 5 I-Team

    * denotes required fields

    We're sorry, but only one entry is allowed per person.
    Thank you for your continued interest.

    Thanks for contacting FOX 5.  To reach our newsroom by phone, please call (404) 898-0100.

  • Good Day ArchiveMore>>

  • Back to School Jamboree with Hosea Feed The Hungry

    Back to School Jamboree with Hosea Feed The Hungry

    Hosea Feed the Hungry will host their annual Back to School Jamboree on Sunday, July 13, 2014 from 10:00 a.m. until 3:00 p.m. at Turner Field. Children will receive a backpack filled with school supplies.

    Hosea Feed the Hungry will host their annual Back to School Jamboree on Sunday, July 13, 2014 from 10:00 a.m. until 3:00 p.m. at Turner Field. Children will receive a backpack filled with school supplies.

  • Good Day Atlanta

    Pike Nurseries: Keeping beautiful Hydrangeas

    Pike Nurseries: Keeping beautiful Hydrangeas

    Friday, August 1 2014 10:40 AM EDT2014-08-01 14:40:27 GMT
    Looking for plants that add fresh color to the garden? Here are some easy ideas that use new varieties of old favorites--the hydrangea and azalea—that bloom from now until fall!
    Looking for plants that add fresh color to the garden? Here are some easy ideas that use new varieties of old favorites--the hydrangea and azalea—that bloom from now until fall!
  • Local Companies Partner To Make "Green" Beer

    Local Companies Partner To Make "Green" Beer

    Friday, August 1 2014 9:39 AM EDT2014-08-01 13:39:03 GMT
    Since it seems like there's a day for everything, get this -- today is "International Beer Day!"  And one local brewing company is celebrating
    Since it seems like there's a day for everything, get this -- today is "International Beer Day!"
Powered by WorldNow
Untitled

WTTG FOX 5 & myfoxdc
5151 Wisconsin Ave. NW
Washington, DC 20016
Main Number: (202) 244-5151
Newsroom: (202) 895-3000
fox5tips@wttg.com

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices