![]() ![]() No expiration date: If you no longer want a fraud alert, it will disappear on its own.Need to contact all bureaus: You’ll need to add and remove freezes with each credit bureau separately.You’ll need to temporarily lift the freeze each time. Blocks all credit: A freeze rejects even valid credit checks, like for a car loan or new job.Here are the main differences between a fraud alert and a credit freeze: But while all of these tools are valid methods for protecting your credit against scammers, there are some pretty big differences between them that you should be aware of. Many people use the terms fraud alert, security freeze, credit freeze, and credit lock interchangeably. In this guide, we’ll explain the differences between a fraud alert and credit freeze, how to use both of them, and give you a quick guide on picking which option is best for protecting your financial health. īoth a fraud alert and credit freeze can help protect you from new account and loan fraud.īut which one is right for you and your unique situation? Last year, the Federal Trade Commission (FTC) received 10x as many complaints about fraudulent new accounts than fraud on existing accounts. Unfortunately, this type of financial fraud happens more than you’d expect. And one of the most damaging things they can do is access your credit file and open new accounts or take out loans in your name. Is a Fraud Alert or Credit Freeze Better?Ĭriminals, con artists, and identity thieves are almost always financially motivated.
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