Learn how to freeze your credit to provide yourself with extra security. Freezing your credit is an important financial task to take if you want to have extra protection on your credit or you've been a victim of identity fraud in the past.
A credit freeze essentially protects you from identity theft and fraud by not allowing anyone to open a credit card, loan, etc under your name when your credit is frozen.
However, just keep in mind that this also means that when you want to open a line of credit, you'll need to unfreeze your credit.
I always freeze my credit and it is typically recommended that people do so to prevent any surprises down the line. (I can only imagine that the absolute worst feeling would be finding out someone has taken out a credit card in your name and ruined your credit. We don't want that, right?)
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How to Freeze Your Credit
If you'd like to freeze your credit, you will need to do so at all 3 credit reporting agencies: Experian, Equifax, and TransUnion.
The links below will take you to their corresponding pages where you can follow the steps to freeze your credit from there.
*Important: They will require a pin to unfreeze your credit so make sure you NEVER misplace your pin number!*
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I highly recommend some sort of credit monitoring service. I can't even describe how this has helped me! They have a free version, but I recommend paying the low monthly cost for such a high reward. They will track your credit score so that you can check it at any time, but also email you every time there's a change in your credit. This means you are informed if there is any kind of fraudulent behavior on your account so you can take care of it right away. There's nothing worse than going to get a credit card or home and being denied because someone had opened a credit card in your name and now your credit is ruined. Be proactive and get some sort of monitoring service. The peace of mind is so worth it!
High Yield Savings Account
The average interest rate you make at a normal savings bank is .05%. However, a high yield savings bank will make you up to 16X more in interest! This is one of those no-brainer, free money, “everyone should be doing” decisions. Keep in mind that the interest rates will continuously change. Pre-COVID, the rates were around 1.75%. Now they are .5%. They continuously change with the market so it's nothing to be worried about. It's super easy to start an account and I highly recommend it to all of my clients as everyone should have a high yield savings account for money needed in the next 5 years (like a house) and for your emergency funds. (FREE)
The trans union link isn’t working, just a heads up.;)
Thank you so much for letting me know! I’ve fixed it now =) Sorry about that!