If you have a credit freeze to protect yourself from identity theft, you may be wondering: How long does it take to lift a credit freeze so I can apply for a home loan or a job? Here’s what you need to know about the thawing process and how long you can expect it to take.
Timeline
The timeline for lifting a credit freeze – sometimes referred to as a “security freeze” – depends on how you request it. According to the Federal Trade Commission, the three major credit bureaus must lift the freeze within one hour if the request is submitted online or by phone. If you mailed your request, they must lift the freeze within three business days of receiving your request. (Mail is the required method if you are requesting a credit freeze for a minor child.)
Ways to Lift a Freeze
Each credit bureau has its own process for lifting credit report freezes. You may need to have the PIN that you received when you froze the credit initially.
Lifting a Credit Freeze with Equifax
Online: You will need to create a MyEquifax account if you haven’t done so already. You can lift your credit freeze, check the status of your request, or start a new credit freeze if necessary. By phone: Call 888-298-0045. By mail: You will need to download this form from Equifax. Equifax will lift the freeze once your identity is verified. Send it to Equifax Information Services LLC, P.O. Box 105788, Atlanta, GA 30348.
Lifting a Credit Freeze with Experian
Online: You do not need to create an account; there is a simple form you can fill out online. By phone: Call 888-397-3742. By mail: Send it to Experian Security Freeze, P.O. Box 9554, Allen, TX 75013.
Lifting a Credit Freeze with TransUnion
Online: You will need to create an online account with TransUnion or use the myTransUnion app. By phone: Call 888-909-8872. By mail: Send your written request to TransUnion LLC, P.O. Box 160, Woodlyn, PA 19094.
Note: Lifting a credit freeze at one credit bureau will not lift it at the other two. Unless you know which bureau your lender plans to contact, you will need to submit requests to each bureau to ensure there are no hiccups when applying for a loan.
Is There a Way to Speed Up the Process?
One hour isn’t long, but if you have an urgent need to lift your credit freeze because you’re competing for a desirable rental apartment or applying for a loan to pay an emergency veterinary bill, you may be able to expedite things by explaining your circumstances to a phone representative at the credit bureau. If you need to mail in your request, you can pay an additional fee for expedited shipping.
You may also be able to prepare in advance to reduce any delays or issues. For example, TransUnion allows you to schedule the end of a credit freeze up to 15 days in advance.
Conclusion
Lifting a credit freeze is quick and free, but there are a few things to keep in mind: You can specify how long to lift the freeze – for a day, a week, or longer – or you can do it permanently. (As long as you have an idea of how long your loan applications will take to process, setting a timeframe is a good way to give yourself time to apply to multiple lenders for the best rate.) If you choose to lift the freeze temporarily and know which credit bureau your lender will contact, you can save time by submitting your request to that bureau only. If you don’t know, be sure to contact all three. Don’t confuse a credit freeze with a credit lock. A lock is similar, but it can be applied or removed almost instantly online or through a mobile app provided by the credit bureaus. Unlike a freeze, its protection is not guaranteed by law, and there may be fees. A credit freeze only prevents the thief from opening a new account in your name. It does not prevent them from making purchases on your existing accounts. You still need to monitor all bank and credit card account statements for fraudulent transactions.
Questions
Frequently Asked Questions (FAQs)
When can I unfreeze my credit after freezing it?
You can freeze and unfreeze your credit at any time you wish, but remember it may take up to an hour for each process. If you froze your credit and then realized you need to unfreeze it, wait at least one hour to ensure that the credit is fully frozen.
How can I unfreeze my credit if I forgot my PIN?
If you forgot your PIN, you can retrieve or update it by logging into your account at the credit agency. Once logged in, look for prompts such as “Request Personal Identification Number” (Experian) or “Manage PIN” (TransUnion) to complete this request.
How long does a credit freeze last if I don’t request to unfreeze it?
A credit freeze typically lasts until you remove it.
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Sources:
– Federal Trade Commission: Consumer Information. “Credit Freeze FAQs.”
– Experian. “Requesting a Security Freeze for a Minor Child’s Credit Report.”
– Equifax. “How Do I Place, Temporarily Lift, or Permanently Remove a Security Freeze?”
– Experian. “What Is the Best Way to Get a Credit Freeze Removed?”
– TransUnion. “Credit Freeze.”
– TransUnion. “What Should I Do After I Freeze My Credit Report?”
Source: https://www.thebalancemoney.com/how-long-does-it-take-to-unfreeze-your-credit-4690823
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