Credit Freeze
CreditGlossary term
Definition
A security measure that restricts access to your credit report, making it nearly impossible for identity thieves to open new accounts in your name. When a freeze is in place, lenders cannot pull your credit report to approve new applications unless you temporarily lift the freeze. Credit freezes are free to place and lift at each of the three major credit bureaus.
Related terms
- Credit BureauA company that collects and maintains your credit information, then sells it to lenders and other authorized parties as credit reports. The three major credit bureaus in the United States are Equifax, Experian, and TransUnion. Each bureau may have slightly different information, which is why your credit scores can vary between them.
- Credit ReportA detailed record of your credit history maintained by credit bureaus, including your accounts, payment history, balances, and any public records like bankruptcies. Lenders, landlords, and sometimes employers review your credit report to assess your financial reliability. You are entitled to one free credit report per year from each of the three major bureaus through AnnualCreditReport.com.
- Credit MonitoringA service that tracks changes to your credit report and alerts you to new accounts, inquiries, or suspicious activity. Credit monitoring can help you detect identity theft early and stay informed about factors affecting your credit score. Many banks and credit card companies now offer free credit monitoring to their customers.
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