In case you weren’t aware, Equifax suffered a security breach and is now offering all U.S. consumers the chance to enroll in a free identity theft protection service. Some are wondering if they’d be better off with either placing a fraud alert, requesting a security freeze, or using the file lock feature in the TrustedID Premier product.
Actually, you don’t have to choose either, but if you do choose, you should choose the one that best suits you. Here are the differences in each feature:
Fraud Alert: A fraud alert is a notification you request that a nationwide consumer reporting agency put on your credit report. It warns creditors that you may be a victim of identity theft.
Security Freeze: A security freeze stops new creditors from accessing your credit report unless you lift or remove the freeze. You have the choice of removing the freeze temporarily or permanently.
File Lock: An Equifax credit file lock is almost like a security freeze and lets you to lock access to your Equifax credit report.