The decision to freeze my credit—or at least try to figure out how to freeze my credit—was born in a group chat. “Happy Valentine’s Day,” my friend Mariya wrote in a message to me and 21 of our closest girlfriends last week. “PSA I’m freezing my credit today since the agency that is in charge of investigating fraud is no longer with us!”
I hearted the message, my eyes glazing over her PSA. My contributions to this group chat are typically limited to complaints about the weather, Love Is Blind discourse, and “what are we wearing?” queries. I’ve always considered myself to be financially savvy enough, but the thought of undergoing another bureaucratic task on top of filing my taxes seemed unnecessarily tedious.
However, when my more proactive friends pressed her for the TL;DR, Mariya explained why now is the time to act: If there’s “more lax oversight” as a result of President Trump’s dismantling of multiple government agencies, “we’re at a higher risk for fraud/leaks of personal data and information,” she wrote.
Freezing your credit, she added, “just means that no one can open an account or use your identity to do so under your name since they’d have unfreeze your credit.”
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She’s right, of course. When I looked into it on my own, I came across scores of articles where experts warned that our most sensitive information that is stored by the government, including names, addresses, and social security numbers—all things one would need to steal your identity—could be vulnerable as thousands of federal employees are fired.
Since Trump took office, DOGE has gutted dozens of government agencies, including the IRS. Olivia S. Mitchell, International Foundation of Employee Benefit Plans professor at the Wharton School of Business, tells Glamour that these massive cuts, in addition to the installation of Musk-appointed teams and the firing of 17 inspectors general—a.k.a. the people who were in charge of conducting audits, investigating fraud, and promoting efficiency at major government departments—could leave millions of Americans vulnerable to data leaks of their most sensitive personal information. “It’s unclear why the Treasury Secretary is allowing this to occur,” she said.
And there would be fewer resources to counter potential scammers as well. The specific agency Mariya first referred to, the Consumer Financial Protection Bureau (CFPB), was ordered to cease operations on February 9, another casualty of DOGE, the Elon Musk-led force that’s tearing through Washington DC. The bureau, which was created under President Obama to protect consumers following the 2008 financial crisis, had functioned “as an effective cop on the finance beat [that] has stood side-by-side with hundreds of millions of Americans—Republicans and Democrats—battling financial predators, scammers, and crooks,” according to the Associated Press. In other words, the CFPB was one more layer of protection between everyday Americans and malicious scammers.
Over in the group chat, my friends replied to Mariya in quick succession: “I just froze my credit in a panic.”
“I also just froze my credit and it took less than 5 minutes.”
“Done. It was super easy.”
“Y’all’s impact.”
Over the span of a week, it seemed like all my friends had frozen their credit, and I finally caved to the peer pressure. With just a couple clicks, I froze my credit the three major bureaus—Experian, TransUnion, and Equifax—and can attest that the process was quick and painless. But should you freeze your credit, too? If you’re not as easily swayed as I am, keep reading for all the details on a credit freeze, and why now might be the time to enact one.
First of all, what is a credit freeze?
“A credit freeze is essentially putting your credit report in a vault and locking it up tight,” explains Vivian Tu, a former Wall Street banker and the author of Rich AF: The Money Mindset That Will Change Your Life.
“When you freeze your credit, it means that no one can access your credit report without your permission. This is super helpful in preventing identity thieves from opening new accounts in your name because most lenders want to peek at your credit report before giving out loans or credit cards.”
Should I freeze my credit?
Says Tu, “1,000%, yes. Regardless of the governmental climate, freezing your credit is a good idea. The reason why credit freezing is getting more air-time than normal right now is due to shifts in government agencies and people being more cognizant and concerned about newly appointed individuals potentially having access to their personally identifiable data.”
Mitchell agrees, telling Glamour there’s “no downside” if you’re not planning to take out a new credit card, loan, or mortgage. “Also, if companies you do business with have recently been hacked, or if someone has attempted to use your information fraudulently, or expose your personal information, freezing your credit prevents further damage,” she adds.
Does freezing my credit impact my credit score? How do I un-freeze my credit?
We’ve got good news on both counts: Freezing your credit does not impact your credit score, and un-freezing your credit is both easy and free.
Credit freezing is “a tool many people don’t know about, but it can be quite effective in safeguarding your financial identity,” says Tu. All three major credit bureaus have user-friendly online portals that allow you to freeze or un-freeze your credit. If you’re worried about the online-ness of it all, you can also reach out over the phone or by mail.
You can access the credit bureaus’s credit freeze pages here: Equifax, Experian, and TransUnion.
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What else can I do to protect or grow my finances right now?
Mitchell suggests a two-pronged solution to managing your finances: “First, do your best to secure your finances,” she says, rehashing tried-and-true advice, including changing your passwords regularly, using unique passwords, and being wary of phishing scams.
And of course, “don’ t share personal information on social media,” she adds. As tempting as it is to share your first pet, or your first car, or the name of you childhood best friend on Instagram, just don’t. (Why haven’t we, as a society, come up with more nuanced security questions yet?)
“Second,” says Mitchell, “do what you can to save and invest sensibly.” If and when you receive a tax refund (god speed, whoever’s left at the IRS), resist the urge to pull the trigger on that Ssense sale. Instead, try investing in low-cost, diversified assets, or building your “just in case” savings.
Finally, as much as we may want to turn away from the news, Mitchell recommends staying informed: “You can take free online personal finance courses, read the financial press, seek financial wellness training from your employer or community centers,” adds Mitchell.
The post How to Freeze Your Credit, and Whether You Should appeared first on Glamour.
