Credit lock or credit freeze; what’s the difference?

If you’re a victim of identity theft or think your information has been compromised, you’ll want to put your credit on hold. But do you choose a credit freeze, or a credit lock?

A credit freeze and credit lock have the same purpose; preventing people from opening an account in your name.

However, there are some differences.

In Florida, a credit freeze will be one time fee of $10 per bureau.

There is no fee if you’re an identity theft victim or over 65 years old.

You’ll be provided a personal identification number that can be used to temporarily lift the freeze if needed.

It can take up to 48 hours and a fee to unfreeze may apply.

A credit lock is a credit freeze but you’re paying monthly for the bureaus to manage it. With a credit lock you can temporarily lift it on your smartphone right away using an app.

Carrie Kerskie, Director of the Identity Theft Institute at Hodges University, said “A lot of times – the credit bureaus make people think that managing a credit freeze is very difficult, time consuming and its expensive when in essence it’s not. Much more cost effective than doing a credit lock.”

Credit lock prices can range from $10 to $20 dollars a month.