During your financial problem, credit card is the only source that helps you by borrowing money. It will help you to purchase right from pizza to PC. It will facilitate you to balance your economy easily during your hard time. Such a card wants to protect in order to safeguard from identity theft.
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This is what gives birth to freezing credit cards. You need to know how to freeze your credit to simply block access.
Why credit freeze is requisite?
The main reason to freeze credit cards is to restrict access. At present, you never know who are all having your personal details. Even though you are aware of that as well frauds will contact you like Medical care and for some other objectives to get your personal details. If there are no personal details means others can’t able to access your debit card.
But in case if someone is having your personal details along with special PIN or password as well then the chance to access your credit card is high. Intending to limit access alone you need to put credit freeze. It will block even you from accessing the credit card until you lift. At the same time, if someone knows all your personal details and tries to make new lines of credit or else choose to purchase a credit card in your name as well they can’t.
The reason is that if you are going to open a new account and the bank will check the credit check of the applicant. In such a case if applied credit freeze then you can’t able to open an account. Thus fraudulence actions will be avoided easily.
How to do credit freeze?
Here come the steps you want to follow.
Contact the three major credit bureaus:
Once you decided to freeze your credit card then you want to request the following such as Equifax, Experian, and TransUnion.
Offer personal details:
In order to freeze your account, you want to give your personal details such as full name, address, date of birth, and social security number.
You will get a PIN:
Once after you offer personal details, then a personal identification number (PIN) or a password will come. You ought to keep that PIN safe because you need it if you wish to unfreeze your credit card.
How long it takes?
You all set to request for credit freeze via mail, phone as well as online. Then the credit freeze will be placed within one business day. Plus if you want to release the credit freeze once after you submit the request the credit card release will be done within one hour. Most importantly, the credit card freeze won’t cost anything.
No matter whether you borrowed any money using your credit card you need to protect your account via credit freeze. If you did this then you will be able to restrict someone’s access and fraudulence activities as well.
Sudha is the senior publisher at Finance Glad. Sudha completed her education in BBA (Bachelor of Business Administration). She lives in Chennai. She is currently heading towards the banking topics. Sudha is an expert in analyzing and writing about most of the banks and credit card reviews. Sudha main hobbies and interests are reading, writing and watching the quality stuff over the internet. She usually wants to learn more productive stuff and share the best information to her readers over the internet via Finance Glad.