Other than some companies with whom you have an existing business relationship, no other business can pull your credit report if you have a security freeze in place. So the CRAs are the gatekeepers for your credit information.įraud alerts and security freezes must be placed with these 4 CRAs so that you can protect who they sell your credit information to.Ī security freeze prevents most companies from accessing your credit report from the CRAs. The credit reporting agencies (CRAs) are private companies that compile financial information about all Americans and sell this data to businesses seeking credit reports on potential customers. This is also called "pulling your credit". To do that they contact one of 4 credit reporting agencies: Equifax, Experian, Transunion or Innovis. When you apply for a car loan or mortgage or insurance or even a new account for Internet or cellphone service, the company you want to do business with checks your credit. If you are a victim of identity theft, you are entitled to set up an extended (7-year) fraud alert. Permanent until lifted or removed, except a few states like Kentucky or South Dakota which limit the duration to 7 yearsĪn initial alert only lasts 90 days, but you can renew as many times as you like. When filed with one of the big three credit reporting agencies (Experian, Equifax, Transunion), the other two are notified automatically. Must be placed separately with each credit reporting agency: Experian, Equifax, Transunion and InnovisĬan be placed online. Differences - Similarities - Credit Freeze versus Fraud Alert comparison chartĪ credit freeze disallows a credit reporting agency (such as Experian, Transunion or Equifax) from selling your credit information.Ī fraud alert requires lenders to take additional steps to verify your identity when opening a new account.Ĭan usually be placed online.
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