Credit Freeze vs Lock: What’s the Difference?

Summary:

Credit freezes and credit locks function similarly, but there are some differences. Both a credit freeze and a credit lock can help prevent unauthorized access to your credit reports. Credit freezes are always free, but credit locks may be a part of a paid service offered by a credit monitoring service.

In this article:

What is a credit freeze?
What is a credit lock?
Credit freeze vs lock: What sets them apart?

You may have heard about credit freezes and credit locks. But did you know there are differences between them? Both a credit lock and credit freeze block access to your credit report. They prevent anyone from opening a new account in your name, such as a credit card or loan. Freezing or locking your credit are some of the protection options TransUnion offers to help you manage your credit and safeguard your identity.

So how do you decide whether to freeze or lock? It really depends on your personal preference. Choose the right option for you by learning the differences between credit freeze vs lock:

What is a credit freeze?

A credit freeze, also known as a security freeze, is a free and easy way to help protect yourself from identity theft. You can place a freeze online through the TransUnion Service Center with no impact to your credit score. Once you place a freeze, you can unfreeze it at any time.

You can temporarily lift a freeze if you’re planning to apply for credit. Your freeze will go back into effect after the temporary lift expires, which is a nice way to not have to worry about remembering to reset the freeze. You can schedule your lift to start up to 15 days in advance of when you want it to begin. You can schedule it to stay lifted for as long or as short a time as you need. If you wish to unfreeze more than 15 days from today, log in closer to the date when you want your credit report unfrozen.

What is a credit lock?

Like a credit freeze, a credit lock can block unauthorized access to your credit report. Credit lock can come as a feature of credit monitoring services. Locks can be done online or through an accompanying app, if the service has one.

Credit freeze vs lock: What sets them apart?

Both credit freeze and credit lock let you limit access to your credit report. They can block new application inquiries on your credit file, helping protect you from identity theft. So which one should you choose? Ultimately it comes down to your preference.

One difference between credit freeze and a credit lock is where you go to manage it. If you have a subscription to a credit monitoring product, you will be able to place or remove your credit lock through the dedicated service page or app. For a credit freeze, each credit reporting agency has a dedicated page where you can add, remove or temporarily lift a credit freeze. You need to place a credit freeze with each credit reporting agency directly. If you don’t want to freeze your credit report online, you can call or mail in your freeze request.

Because a credit lock may be packaged with other services, there may be a fee to place one. Credit freezes, however, are always free.

In addition to knowing what makes credit freeze vs lock different, it’s important to know their similarities. With both freeze and lock, there are a few exemptions where your report can still be accessed. For example, you won’t be blocked from accessing your own credit report. An insurance company can review your credit report for underwriting purposes, even if it’s locked or frozen. Your existing creditors will be able to review it as well — they may do this to offer you a higher credit limit, for example. Lastly, you’ll still be eligible to receive prescreened offers of credit unless you opt out.

Whatever you decide, the power to manage who accesses your credit report is in your hands. As you work to protect your credit health, remember that you can monitor your credit report on a regular basis. For tips on how to interpret your report, check out our guide on how to read your credit report.