Several states allow individuals to freeze their credit report- which prohibits credit from being issued in their names. While some states, including Texas, Illinois, Washington and Vermont, only allow credit freezes if the individual has already been the victim of identity theft- other states, including California, New York, New Jersey, Louisiana, Maine, North Carolina and Colorado.
All states allow individuals to place a fraud alert on your credit report. This means that before issuing credit in your name, the creditors are supposed to contact you for permission. This might sound like a great idea, but there are no laws that require that creditors follow the alert process, and usually even with the alert, credit is simply issued when applied for if the individual is approved.
What is a Credit Freeze?
When you freeze your credit report, no one can open any credit in your name. Potential lenders, insurers and potential employers cannot access your credit report. When you apply for lending or your employer wishes to check your credit report, the credit reporting agency will tell the company trying to look at your frozen report that they cant see it due...
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