(kred'it freez) (n.) Also known as a credit security freeze or
security freeze. A credit freeze is a method by which a consumer can limit
access to his or her credit report to companies with which he or she has a
pre-existing credit relationship, such as mortgage, auto loan and credit card,
or a company they wish to enter into a credit relationship with. By freezing
their credit report, consumers can block the opening of a new credit account
without their specific permission. When the consumer wants to open a new credit
account, they can lift the freeze to allow access to their credit report by the
potential creditor.
Depending on state law, potential employers, insurance companies, landlords,
collection agencies and other non-creditors can still access a person's credit
report. But, it is unlikely that an
identity thief would
be able to open an account in the name of the consumer.
How to Protect Against Card Skimming Card skimming, the practice of using an electronic device, known as a skimmer, to record account data encoded on the magnetic stripe on a credit, debit or ATM card, has grown to a $1 billion-plus annual business, according to published reports.
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