Identify and Credit Theft Verification” requirements, both at a national and state level, are a common sense effort to help ensure that Americans are receiving proper credit and that their private information is being protected. According to the FTC website, there are three main things consumers need to know about credit freeze services: It allows you to temporarily prevent thieves from using your personal identifying information – like your Social Security number or driver’s license – to open a new account in your name. You can have your information put “on hold” while you investigate or dispute the suspicious activity. The freeze takes only a few minutes to set up and once the freeze is in place, your information won’t be available to anyone — not even a victim of identity theft. However, keep in mind that not all states or businesses have been updated to accept the new security measures yet and until that time, you will still need to contact the creditor directly, as well as any place you’ve previously done business with, to authorize their release of your information. Although it’s not as big of a hassle as you might think, remember to keep your password protected. It’s a relatively simple process that will allow you to lift your credit freeze at any time, for any reason – such as to establish new credit or to remove it temporarily, such as for a vacation or a new home. You can expect to pay an annual fee for each of your credit reporting agencies, though in most cases, the fee is only a fraction of the price of repairing your credit. According to the website Credit Sesame, the average fees range from $8 to $25 for each reporting agency, as compared to a cost of up to $100 or more to repair credit that’s been damaged by identity theft. The Federal Trade Commission suggests looking at the credit freeze services provided by Equifax, Experian and Trans Union — the major credit bureaus — before making a final decision. However, it’s up to you, the consumer, to decide whether the benefits of a credit freeze outweigh the costs. After all, your credit history is one of the most important things you can build in life. Be sure to visit www.CFPB.gov to learn more about the credit freeze. You can also download your free Credit Report Card from this site, which shows your score and credit history in an easy-to-understand format. And remember to stay safe online. If you have questions about this new credit freeze process, be sure to contact one of our experienced bankruptcy attorneys today. The sooner you get in touch with us, the sooner we can help you with a consultation. There are currently two types of bankruptcy: Chapter 7 bankruptcy and Chapter 13 bankruptcy. Chapter 7 bankruptcy is for people who have no real assets – and therefore have no debt to protect. Since they have no assets to protect, they cannot file Chapter 7 bankruptcy. Chapter 13 bankruptcy is designed for people who have some non-exempt assets. The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship. x ⚠ Your browser is out of date. To get the full experience of this website, please update to most recent version.