Frequently asked questions about the credit freeze | Information for consumers

If you are concerned about identity theft, or the possibility that someone may access your credit report without your authorization, you might consider placing a credit freeze on your report.

Credit score

Credit score

In addition, a credit freeze:

  • It does not prevent you from accessing your free annual credit report .
  • It does not prevent you from opening a new account, submitting a job application, renting an apartment, or buying insurance. To do any of these things, you will have to cancel the freeze temporarily, either for a specific time or for someone in particular, for example, a potential owner or employer. It’s free to cancel a credit freeze are variable and it’s free to reposition it after you no longer need access to your credit report.
  • It does not prevent a thief from debiting your existing accounts. The same will have to keep monitoring all the summaries of your bank account, credit card and insurance to check if fraudulent transactions have not been registered.

You can choose not to receive them for five years or choose to stop receiving them permanently, in English, this voluntary exclusion is called “opt-out”. However, some companies send offers that are not based on pre-approval or pre-selection, and the exercise of their right of voluntary exclusion will not stop this type of offer.

When considering your voluntary exclusion

When considering your voluntary exclusion

It is good to know that pre-approved offers can provide several benefits, especially if you are looking for a credit card or an insurance policy. Pre-approved offers can help you know what options are available, compare costs, and find the product that best suits your needs. As they have already pre-selected it to receive that product, they can only be denied under certain limited circumstances. In addition, the terms of the pre-approved offers may be more favorable than the terms available to the general public. In fact, some credit cards or insurance policies may only be available through the pre-approval or pre-selection mechanism.

You will have to provide your name, address, date of birth, Social Security number and other personal information.

After receiving your freeze request, each credit reporting company will give you a PIN, or personal identification number, or password for your exclusive use. Keep your PIN or password in a safe place. You will need it if you choose to cancel the freeze.

Fraud alert. If you are concerned about identity theft

bank

But are not yet a victim of this crime, this fraud alert will protect you from unverified access to your credit report for one year. It is convenient that you place a fraud alert if your wallet, Social Security card or other financial information or account information has been lost or stolen.

  • Prolonged fraud alerts. A prolonged fraud alert will protect the credit of victims of identity theft for seven years.
  • Alerts for military personnel in active service. Members of the armed forces who are on secondment and who want to protect their credit while away from their homes can post this fraud alert that lasts one year.

To place a fraud alert on your credit report, contact one of the country’s three credit reporting companies. The procedure to place a fraud alert is free. You must provide proof of identity. The company you call should inform the other credit reporting companies, which, in turn, will place an alert on their own versions of your credit report.

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