Security Freeze - Protecting your Personal Information

If an identity thief has stolen your personal identifying information, he or she has access to your financial accounts. In mere hours the thief can open new credit accounts or run up charges on existing accounts. When the bills aren't paid, you're the one holding the delinquent account and that will negatively affect your credit report.

Placing a security freeze on your credit file is one deterrent against identity theft.

As of October 1, 2007, all Oregonians will be able to place a security freeze on their credit file maintained by a credit reporting agency such as Equifax, Experian or TransUnion. Once activated, someone who has fraudulently obtained your personal identifying information would not be able to open new accounts or borrow money. The freeze also prevents lenders and others from gaining access to your credit report for review.

Important Notes

Keep in mind that a security freeze will not prevent an identity thief from misusing existing credit cards and credit accounts. Click here for guidance if your credit cards have been stolen.

Before you decide to apply an optional freeze to your credit files, consider whether you intend to make a purchase that would require a look at your credit history. For example, if you plan to buy an item where you will need to obtain new credit, that credit company will need to access your credit files to finalize the sale.

Procedure to Obtain a Security Freeze

• Write and send by mail a separate letter to each of the three national credit reporting agencies. For your convenience, we have provided letters for you to use in a convenient Word fillable format. If you do not have word, the letters are also available in a PDF version for you to print and fill out by hand.
Note: If using the fillable version, fill out and print all three letters at the same time.


• Allow five business days upon receipt of your request for the credit
  reporting agencies to place a security freeze on your credit file.



• Expect a password or Personal Identification Number (PIN) in a confirmation
  letter from each of the credit reporting agencies, which, by law, must be sent within 10 days of placing the security freeze.

Keep all documents relating to placing your security freeze. If you should misplace or lose your assigned personal identification number or PIN, the credit reporting agencies can charge up to $10 to reissue or reassign a new PIN.

TransUnion Fraud Victim Assistance Dept P.O. Box 6790 Fullerton, CA 92834-6790

Equifax Equifax Security Freeze P.O. Box 105788 Atlanta, GA 30348

Experian Experian Security Freeze P.O. Box 9554 Allen, TX 75013

Cost

There is no fee if a person is a victim of identity theft or has reported the theft of their personal identifying information to a law enforcement agency. To do this you must submit a valid copy of a police incident report or a Federal Trade Commission Identity Theft Complaint Form.

You may place a security freeze if you are not an identity theft victim but you will have to pay, to each credit reporting agency, a $10 fee.

Important note: one security freeze does not cover everyone in a household. Spouses or partners must freeze their credit files separately by sending letters requesting the freeze.

Access to Your File under a Freeze

Even if you have a security freeze, some government agencies, law enforcement and courts, and private companies can still access your credit files under certain circumstances. These include companies you are doing business with; companies to which you owe money; and collection agencies.

Procedure - "Thawing" the Freeze

Consumers who do place a security freeze on their credit report can temporarily or permanently remove the freeze or "thaw" their file to apply for new credit. Credit reporting agencies must lift a freeze within three business days after receiving your request.

• Follow the procedures in the confirmation letter each credit reporting agency sent when you first placed your security freeze. Each agency will charge a fee of $10 to lift the freeze. (No fee will be charged if you are an identity theft victim or have reported the theft to law enforcement.
)


• Use the password or PIN to temporarily lift or permanently remove your
  security freeze.



• Expect a credit reporting agency to remove or lift the security freeze within three business days of your request provided you submit proper identification, your password or PIN and payment of any applicable fee.

Note: If you temporarily lift the freeze to apply for new credit, keep in mind that all merchants and lenders will have access to your account.

Security Freeze vs. Fraud Alert

A fraud alert is an initial, immediate alert that stays on your credit report for at least 90 days. You can request an alert be placed on your credit report if you suspect you have been, or are about to be, a victim of identity theft. Placing the alert means that your credit report will be flagged and that creditors are required to call you before extending credit. However, unlike a security freeze, businesses may still check your credit report with a fraud alert in place. Potential creditors must either contact you or use what federal law refers to as “reasonable policies and procedures” to verify your identity before issuing credit in your name. Thus, the steps potential creditors take to verify your identity may not always alert them that the applicant is not you.

A security freeze on your credit report is stronger than a fraud alert because it prevents anyone from accessing your credit file for any reason unless you instruct the credit reporting agencies to unfreeze your report.

For more information about placing a fraud alert, contact one of the three national credit reporting agencies listed below. You only need to contact one of the three to place a fraud alert.

Equifax: 1-800-525-6285; www.equifax.com; P.O. Box 740241, Atlanta, GA 30374-0241
Experian: 1-888-EXPERIAN (397-3742); www.experian.com; P.O. Box 9532, Allen, TX 75013
TransUnion: 1-800-680-7289; www.transunion.com; Fraud Victim Assistance Division, P.O. Box 6790, Fullerton, CA 92834-6790