Protecting my credit and information.

I want to protect my credit and information, so should I get a credit freeze or lock?

A: Both will restrict access to your credit reports, so let’s explain the differences. A credit lock is offered by the three major credit bureaus (TransUnion, Experian, and Equifax) and can be added or lifted instantly using an app. But you should consider it more of a ‘product’ that’s typically sold for a monthly or annual fee.

On the other hand, while a credit freeze is also offered by all three bureaus, it is free. It also offers more legal protections than a lock. But one downside is that it can sometimes take a few business days to ‘thaw’ a freeze (and you better not lose your PINs!).

The Simply Money Point is that putting either in place to help prevent identity theft is better than nothing. However, assuming you’re not applying for any new credit in the near future, we generally prefer credit freezes.