Redstone Federal Credit Union

You can freeze or lock your credit to protect yourself from fraud. en lenders can't access your credit report and won't approve new accounts in your name. You can still use your existing accounts though, and your credit score won't be affected. CREDIT FREEZE is is a free service based on federal law. You can request a freeze by contacting the three credit bureaus: Experian, Equifax, and TransUnion. Online and phone requests freeze your credit within one business day; a mailed request takes effect within three business days of receipt. To lift the freeze, contact the credit bureaus again. CREDIT LOCK is is quick and easy to implement with the credit bureaus, using websites or apps, and may come with credit monitoring tools and alerts. Plus, you can unlock your credit immediately online anytime. However, the legal protection is less clear, and there may be a monthly fee. WHICH IS BETTER? A lock may be considered a preventive step, while a freeze is usually the go-to in the case of compromised information. If you need to apply for credit soon (or often), want to use credit monitoring tools, and don't mind a fee, a credit lock may be appealing. Otherwise, a credit freeze may meet your needs. You can't have both. WHAT HAPPENS WHEN APPLYING FOR A LOAN? If you placed a credit freeze or lock, here's what you need to know before filling out a loan application: 1. You must lift the freeze/lock to provide access to your credit report. Co-borrowers or co-signers on your application also need to lift their freeze/lock, if any. 2. e steps – and any cost – of lifting the freeze/lock are your responsibility. 3. You can reinstate the freeze/lock after your credit report is pulled. A credit freeze or lock can be a smart step! When you're ready to apply for a loan, talk to the lenders at Redstone if you have any questions. r e d f c u.o r g | 5 Credit Lock: Credit Freeze What's the Difference? or

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