A reader asks HerMoney CEO Jean Chatzky whether she really needs to freeze her credit at all three bureaus.
Twice a week, our CEO and resident money guru Jean Chatzky tackles your burning questions in the HerMoney newsletter. We’ve pulled some of the best to feature on our website — and this one made the cut! Got a question for Jean? Send it her way right here.
Q: Today’s question comes from Melissa. She writes: Is freezing your credit at only one of the three credit bureaus doing enough to deter fraudulent activity? I just did it at Experian, which was way easier than I thought it would be. Just wondered if it’s absolutely critical to do it at the other two.
A: Let’s put it this way, Melissa—it’s a good start! Unfortunately, freezing your credit at just one of the three bureaus (in your case, Experian) is helpful, but not fully effective in protecting yourself from fraudsters.
As Consumer Reports’ Lisa Gill explains, you should freeze your credit with the other two bureaus – TransUnion and Equifax – as well. “That’s because credit card companies and other financial companies may check your credit score and your credit report at one, two, or all three credit bureaus,” says Gill. “In other words, freezing your credit at one bureau will not affect your account at the other bureaus. They are independent companies that do not communicate with one another.”
Freezing your credit at all three bureaus is one of the easiest ways to protect yourself from fraudulent activity. “Doing so deters fraudsters and credit companies looking to do quick checks of your credit and market their products to you,” adds Gill. If you need a refresher on how to freeze your credit, check out HerMoney’s guide, here.
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