In today’s digital world, identity theft isn’t often a question of if—it’s a question of when. With more sophisticated cybercriminals targeting affluent families, freezing your credit has become one of the simplest, yet most overlooked, defensive moves. But is it the right step for you?
Let’s break it down.
What is a Credit Freeze?
A credit freeze, also called a security freeze, locks your credit file so that no one—including you—can open new credit in your name without unfreezing it first. This means if someone tries to apply for a credit card, mortgage, or car loan using your information, the application will be denied.
Why Should You Consider Freezing Your Credit?
You don’t have to be applying for a loan to benefit from a credit freeze. In fact, it’s often most helpful during seasons when you’re not borrowing. A freeze acts like a shield, stopping fraudsters from opening accounts in your name without your permission. It also helps protect your family’s financial wellbeing—including elderly parents and young adults, who are often overlooked but frequently targeted by identity thieves.
For high-capacity families, the risk is even higher. With more of your information publicly accessible, a freeze is a simple, proactive way to lower your exposure and help ensure your wealth—and your identity—stay where they belong.
Common Misconceptions
- “It will hurt my credit score.”
False. Freezing your credit does not impact your credit score. - “It’s too much of a hassle.”
Not anymore. Freezing and unfreezing your credit can now be done online in just minutes through each credit bureau—and it's completely free. - “My credit monitoring service covers me.”
Think of credit monitoring like a security camera—it alerts you after someone breaks in. A credit freeze is more like a lock on the door—it stops them from getting in altogether.
When a Freeze Makes the Most Sense
While a credit freeze isn’t necessary for every season of life, there are key times when adding this layer of protection can give you extra peace of mind. Freezing your credit doesn’t stop your current accounts from functioning, but it does make it harder for fraudsters to open new accounts in your name. Here are a few scenarios when it’s especially smart to consider a freeze:
- After major data breaches (which, let’s face it, are not uncommon these days).
- When not actively applying for loans, such as during retirement or while focusing on legacy planning.
- For young adults or children who aren’t using credit yet but are still vulnerable targets.
How to Place a Credit Freeze
To place a credit freeze, you need to contact each of the three major credit bureaus – Equifax, Experian, and TransUnion. Freezing your credit at just one bureau doesn’t fully protect you—creditors may pull from any of the three. To block identity thieves from opening accounts in your name, you need to freeze your credit with each bureau individually. You can place a credit freeze online, by phone, or by mail.
- Equifax
- Website
- Phone - 1-800-349-9960.
- Experian
- Website
- Phone - 1-888-397-3742.
- TransUnion
- Website
- Phone - 1-888-909-8872
Are There Drawbacks?
The only real downside is that you’ll need to thaw your credit if you plan to open a new line of credit, refinance, or switch utility services. But for most individuals and families, this minor inconvenience is well worth the added protection.
What is the Thawing Process?
Thawing your credit is quick and can be done online at each of the three major credit bureaus listed above. You simply log in to your account, enter your PIN or password, and select either a temporary lift (for a set number of days) or a permanent removal. If you know which lender will be checking your credit, you can thaw just that bureau, but many families find it simplest to thaw all three at once. Once the process is complete, your credit is instantly accessible to lenders again.
Stewarding Wisely in a Digital Age
At Harvest Point®, we often say that financial stewardship extends beyond your portfolio—it includes protecting the wealth, reputation, and identity entrusted to you. Freezing your credit is one simple, proactive step toward living that out. If this type of financial protection feels overwhelming or if you’re unsure how this fits into your overall wealth management strategy, we’re here to guide you.
If you are not currently working with an advisor, get in touch with our team by filling out our Discovery Form to schedule a 30-minute introductory call. We would love to discuss your legacy, values, and goals to determine if Harvest Point® would be a good fit to help you pursue them.