Credit Freeze Vs Credit Lock
A credit freeze and a credit lock both restrict access to your credit report, thereby helping to protect against identity theft and unauthorized credit applications. Though these services are offered by all major credit bureaus, they differ slightly in how they are managed and activated.
What are the Differences Between Credit Freeze and Credit Lock?
The difference between credit freeze and credit lock are given in the table below:
Credit Freeze | Credit Lock |
Prevents access to credit reports and credit scores. | While it is a service provided by credit bureaus along with additional features. |
Zero cost | The cost may vary. |
Requests made online or by phone are processed within an hour, while mailed requests take up to three business days after receipt by the credit bureau. | Can be deactivated online. |
Online or phone requests are processed within one business day (often instantly online), while mailed requests take up to three business days. | Online activation is allowed. |
Requests must be made individually at each credit bureau, as lifting is specific to the bureau where it is applied. | Activation and deactivation must be done through each credit bureau’s specific methods, as it applies only to the bureau where it’s set up. |
It stays in effect indefinitely until you lift or "thaw" your credit report. | It remains active indefinitely until you unlock your credit report through an app or cancel your paid service subscription. |
Prevents access to your credit reports for reviewing or processing new credit applications. | Does the same |
Guided under Federal law. | Credit Bureaus determine the features and functions. |
What is Credit Freeze?
A credit freeze is a free, federally guaranteed service that blocks access to your credit report, protecting against fraud. It prevents both criminal and legitimate credit applications without impacting your credit report. You must thaw it before applying, then either reinstate it or set up a temporary lift. Credit freeze must be managed individually with each credit bureau, using phone, mail, or online methods. Credit freeze can also be used for your minor children to protect their identities.
How to Freeze Your Credit Report?
To initiate a credit freeze, you will need to verify your identity and address based on each credit bureau’s instructions. The documents required to freeze your credit report are mentioned below:
- Full name and date of birth
- Social Security number
- All addresses from the past two years
- A government-issued photo ID (e.g., driver’s license or state ID)
- A recent utility bill, bank statement, or insurance statement as proof of address
You can freeze your credit report via various credit bureaus via various modes, such as:
- Experian
- Online: Visit Experian Security Freeze
- Phone: 888-EXPERIAN
- Mail: P.O. Box 9554, Allen, TX 75013
- TransUnion
- Online: Visit TransUnion Freeze
- Phone: 800-916-8800
- Mail: P.O. Box 160, Woodlyn, PA 19094
- Equifax
- Online: Visit Equifax Freeze
- Phone: 888-298-0045
- Mail: Equifax Information Services LLC, P.O. Box 105788, Atlanta, GA 30348-5788
How to Unfreeze Your Credit Report?
You can unfreeze your credit via the same method that is used to initiate the freeze online, by phone, or by mail. There are two options when lifting a freeze:
- Permanently unfreeze your credit
- Temporarily lift the freeze for a specific period (e.g., one day or one week)
The time taken to unfreeze your credit report varies depending on the method.
- Phone or Website/App: Usually takes one hour or less, while some services process it instantly.
- By Mail: Within three business days of receiving your request, the bureau lifts the freeze from your credit report.
Note: Procedures and timelines may vary by bureau, so review each one’s policy before proceeding.
What is a Credit Lock?
A credit lock restricts access to your credit report like a freezer but often includes extra features which may vary depending on the credit bureaus. For example, Experian’s CreditLock, part of a $24.99 per month subscription, provides instant lock/unlock, activity alerts, identity theft protection, and credit monitoring tools. Equifax offers a free Lock & Alert service with similar notifications, while TransUnion includes locks for both TransUnion and Equifax reports in its $29.95 per month plan. Setting up a credit lock requires a Social Security number and identity verification with each bureau.
How to Lock and Unlock Credit?
The details about how to lock and unlock credit reports are mentioned below:
Lock: To enable a credit lock, you must sign up with the specific credit bureau. Each offers a virtual on or off toggle to lock or unlock your credit report, with slight differences in controls.
Unlock: Unlocking your credit report is done by reversing the locking process. Use the credit bureau’s app or website to find the credit lock feature and switch it from locked to unlocked.
When to Use Credit Freeze?
A credit freeze is ideal when you want long-term protection from identity theft and when you are not planning to apply for credit soon. Though it offers peace of mind, you will need to temporarily lift it through additional steps, prior to any new credit applications.
When to Use Credit Lock?
A credit lock is ideal when you expect to manage your credit actively such as applying for loans or credit cards because you can lock and unlock your report instantly through an app or website and can access the report regularly.
How to Apply for Credit Lock and Credit Freeze?
The credit freeze and credit lock facility are not available in India in any of the credit bureaus. Therefore, you can follow the below-mentioned steps to safeguard your account:
- Avoid financial transactions as much as possible on public and unsecured wifi services.
- For payments, make sure to use encrypted and tokenised services.
- Identify the inaccuracies in your credit report to dispute those promptly by reviewing the credit report regularly.
- Avoid sharing financial or personal information online.
FAQs on Credit Freeze Vs Credit Lock
- What is the main difference between credit freeze and credit lock?
A credit freeze is a free service which is federally mandated. While a credit lock is a paid service offered by credit bureaus, that can include some additional features, such as monitoring and insurance.
- Which is faster, to activate or lift, freeze or lock?
Credit locks can be toggled instantly via an app or online, whereas credit freezes may take minutes to a few days to fully implement or lift.
- Are credit locks legally protected the same as credit freeze?
No, credit locks are governed solely by private contracts with the credit bureaus unlike the credit freezers that are governed by federal and state laws.
- Does either option affect my credit score?
You will still be able to view your own reports and receive pre‑approved offers unless you opt out either the credit freeze or credit lock option as neither of the options impacts your credit score.
- Does a credit freeze prevent soft inquiries?
A credit freeze does not block soft inquiries, and hence insurers, existing creditors, and others can still access your report without opening up a new credit account.
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