When Freezing Your Credit Might Be the Right Choice

freezing your credit

Perhaps you’ve heard the term ‘freezing your credit’ in the past, but what does it really mean and why do it? The simple truth is that freezing your credit means that you contact the major credit bureaus and ask them to place a freeze on your account so that no one can pull or access your credit at all – and sometimes it’s quite necessary. I mentioned earlier this week that I had an issue that caused me to inquire about freezing my own credit this week after receiving a letter in the mail from a very large credit card company telling me I’d been denied my application for a card due to the fact that the credit bureaus listed me as deceased. First, I’m alive and well. Secondly, I did not apply for a new card. With that in mind, when is it a good idea for you to freeze your own credit?

You’re divorcing

While many people can divorce their spouse without any issue with their credit, some cannot. If you are in the midst of a messy, ugly divorce, it might be a good idea to freeze your credit. We aren’t saying that your soon-to-be ex is a bad person, but he or she might be a vindictive person. It’s always better to be safe than it is to be sorry.

Your identity is stolen

Sadly, it happens more often than we care to admit. Someone gets your personal information and begins living life as you. As soon as you find out this has happened, you have to freeze your credit so that no one else can access it, no one can use it and so that you can preserve what is left of your credit.

You don’t need credit

If you don’t have any need for any new credit anytime in the near future, a freeze might be a good idea. It basically means that no one can borrow your identity without your knowledge, which means that you can continue to use the credit you have no but you cannot apply for it with a freeze. It eliminates the concept of identity theft.

 Photo by Getty Images

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Written by Tiffany Raiford

Tiffany Raiford is a lifelong Floridian, wife to my high school sweetheart and mother of four littles (two girls and boy/girl twins...no, they are not identical and yes, I'm sure). My kids love to whine, so I love to wine. My loves include nap time, bed time, date night, travel and evenings and weekends when my husband is home because he handles all diaper changes.

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