With a freeze, the credit bureau can’t release any information in your file without your permission.

For it to be truly effective, you need to request a freeze at each of the three bureaus by following these links — Equifax, Experian and TransUnion.

Pros:

• It is much more potent than putting a fraud alert on your credit report.
• Placing and lifting the freeze is free.
• It doesn’t take long to lift a freeze. A credit file can be unfrozen online or by phone within minutes, although you should allow up to an hour.
• Freezing your credit does not affect your credit score.

Cons:

• Instant credit offers may not be so quick. When you want to apply for a credit card or need someone to view your file for any other reason, you must unfreeze your credit report. Mailing takes longer. Agencies must lift the freeze within three business days after receiving a mailed request.
• Companies can still access credit files. Financial companies you do business with — or which you owe money — can still view your files. Any federal, state or local agency, as well as law enforcement, trial court, or private collection agency with a court order, warrant or subpoena, would have access.
• Your file can also be viewed by any person using the information in connection with getting insurance or a background screening for housing or employment.