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A credit report “Freeze” prevents lenders from pulling your credit score, so it could actually prevent would-be identity thieves from opening new accounts in your name. But, is it really worth the trouble?

The credit bureaus aren’t precisely lining up to help you freeze your credit reports, since most of their money is made by selling your credit score and knowledge to prospective lenders.

If you decide that you do want to freeze your credit report as a preventative measure you have to send a ask in writing and supply up to seven documents (Driver’s license, Social safety measure Number, Utility Bills, etc.) as proof of your identity. You have to send all of that info to each of the three main credit bureaus individually. On top of that, you have to pay a fee to freeze and unfreeze your report. soon after, when you get ready to apply for a loan, un-freezing your credit report takes several days.

(As a side note it is free for victims of identity theft to freeze their credit reports, but they must supply a police

report documenting the theft.)

So, inquiring minds want to know. What do you think of freezing your credit report? Is the potential safety measure worth the hassle, or do you want to be free to apply for credit and pounce on a better offer the minute you see it?

Here are a few facts to consider:

• It is estimated that there are as many as 750,000 cases of identity theft each year.
• It is frighteningly easy to steal someone else’s identity.
• You have to go through about 30,000 miles of red tape whether your identity is stolen, including freezing your credit report anyway.
• Freezing your credit report only prevents new lenders from pulling your credit score. It does not prevent thieves from using your current credit card numbers, or bank history info, or your social protection number any way they like.

So what do you think? Is the additional protection worth it, or is freezing your credit report something you will deal with only whether you have to?

Orginal post by Jenna