Credit Lock vs Credit Freeze: Which Is Right For You

Credit freezes and credit locks are two ways to protect your credit report and prevent unauthorized people from opening new accounts in your name. While the two are very similar, they are not exactly the same. When comparing a credit lock vs. a credit freeze, the primary difference is that a credit freeze is regulated by Federal law, making it the more stringent and secure way to block anyone from accessing your credit files.

Credit freeze vs credit lock at a glance:

• Credit freeze: A credit freeze blocks anyone from requesting your credit file. It requires a PIN to set up and can take a few days to unfreeze (or ‘thaw’).
• Credit lock: A credit lock also limits others from accessing your credit file without your permission. It does not require a PIN and can be locked and unlocked instantly from within a user’s online account or mobile app.

What’s the Difference Between a Credit Lock and a Credit Freeze?

The biggest difference between a credit freeze and a credit lock is that a credit freeze is regulated by federal law, while a credit lock may not be. A credit freeze will give you complete control over who can view your credit report, as it completely blocks access to your report.

Meanwhile, with a credit lock, you may have limited control over who views your report since the service provider can also allow certain companies access to your file. It’s important to know which method of protection would work best for you before making any decisions.

Credit Lock vs Credit Freeze [Compared]

	Credit Lock	Credit Freeze
Cost	May involve a fee (varies by provider)	Free
Protection-level	Less protection than a credit freeze	More protection than a credit lock
Federally-regulated	No	Yes
Instant access after deactivating	Yes	No (takes a couple of days to “thaw”)
Requires a PIN to access	No	Yes
Turn on/off via mobile app	Yes	No

What Is a Credit Freeze?

A credit freeze is a security measure designed to protect your credit report and prevent unauthorized people from opening new accounts in your name. When you place a credit freeze, lenders are blocked from accessing your report, preventing them from being able to approve any new applications for credit.

This means that if someone applies for a loan or line of credit under your name, they will be denied because the lender is unable to access or review your credit report. A credit freeze remains in effect until you choose to remove it or temporarily “thaw” it.

For more information, check out our complete breakdown of what is a credit freeze.

Advantages of a Credit Freeze

A credit freeze offers a number of advantages for consumers seeking to protect their credit. First, a credit freeze prevents most third parties from accessing your credit report without your permission. This means that lenders, employers, and insurance companies cannot view your report to make decisions about you, which can help prevent identity theft and fraud.

A credit freeze also lets you control how much of your personal information is being shared with third parties. This means that you are in charge of who has access to your credit report. In return, this can help protect you from identity theft and fraud. Another advantage is that when your credit report is frozen, it requires a PIN to unlock it, which adds an extra layer of protection.

Disadvantages of a Credit Freeze

The main disadvantage of a credit freeze is that it can be inconvenient and time-consuming. It may take several days for your credit report to be unfrozen (or “thawed”). Naturally, this can delay the approval of credit applications and other services that require access to your credit report. In addition, a credit freeze will not prevent criminals from accessing your existing accounts. It only prevents them from opening new accounts in your name.

How to Freeze Your Credit

If you’ve decided that a credit freeze is right for you, freeze your credit for free with all three of the major credit bureaus. Keep in mind that you should freeze your credit with all three for maximum protection. Otherwise, identity thieves can still access your other unfrozen credit files.

Learn how to freeze your credit with each of the major credit bureaus:

• How to freeze your Experian credit report
• How to freeze your Equifax credit report
• How to freeze your TransUnion credit report

What Is a Credit Lock?

A credit lock is a service offered by the leading credit bureaus which allow you to control access to your credit report–including who can access it. With a credit lock, you can choose which lenders are able to access your report by locking and unlocking it from within an online account or mobile app. Credit locks offer convenience since they can be locked and unlocked instantly, but they may not be regulated by federal law like a credit freeze, so the security and protection they offer may be limited.

Advantages of a Credit Lock

A credit lock offers more convenience and flexibility over a credit freeze as you can easily control who has access to your report at any given time. This means that if you’re applying for new credit or need to provide proof of employment, you can easily unlock your report and provide the necessary information without having to go through the process of thawing a credit freeze.

Typically credit locks can be managed from within an online account or mobile app, you can stay on top of who is accessing your report at all times.

Disadvantages of a Credit Lock

The main disadvantage of a credit lock is that it may not provide as much protection as a credit freeze. A credit lock provides limited control over who has access to your report since the service provider can also grant certain companies access to your file.

Unlike a credit freeze, a credit lock may not be regulated by federal law. So there may be less protection against identity theft and fraud. Also, credit locks sometimes have fees associated with them, while a credit freeze is generally free.

How to Lock Your Credit

To lock your credit, you will need to lock it directly with a credit bureau (Experian, Equifax or TransUnion). To do so, you will need to create an account. From your user dashboard, you will be able to lock and unlock your credit file.

Here’s how to lock your credit with each of the three major credit bureaus:

• Lock your credit with Experian CreditLock
• Lock your credit with Equifax Lock & Alert
• Lock your credit with TransUnion TruIdentity

How to Choose Which Is Right For You

When choosing between a credit lock vs a credit freeze, generally, a credit freeze is before for those who have experienced a cyber attack or identity theft and are not planning to apply for any new credit in the near future. Meanwhile, a credit lock is best for those that want to add a layer of protection to their credit file and identity but may want to apply for credit in the near future and want the convenience of instant access to their credit file.

When to choose a credit freeze:

• If you’ve been a victim of identity theft or a cyber attack
• If you have no plans to apply for credit in the near future
• If you want the maximum protection on your credit report
• If you want maximum control over who can view your credit file

When to choose a credit lock:

• If you want additional control over your credit report as means of adding a layer of protection
• If you want the ability to unlock your credit file instantly, as opposed to having to wait for it to become accessible
• If you’re thinking of applying for new lines of credit, such as a loan or credit card

For most, a credit lock is a good bet. It offers extra security, without taking away your ability to instantly allow others to access your file. Keep in mind that unlike a credit freeze, not all credit locks are free. So that’s one variable to consider if you’re on the fence.

Bottom Line

In the battle of credit lock vs credit freeze, both can help protect your personal information from identity theft and fraud. However, it’s important to consider which service best meets your needs and budget before making a decision. A credit freeze may be the best choice if you are looking for a free and secure way to protect your data. While a credit lock can offer more convenience and flexibility.

Frequently Asked Questions (FAQs)