What’s stopping consumers from using credit freezes?

2021-12-22 04:30

A Identity Theft Resource Center and DIG.Works research explored the relationship between data breach notices and a decision for a consumer to freeze their credit, as well as credit freezes in general.

The research surveyed 1,050 U.S. adult consumers on the topic and discovered that most consumers are familiar with the credit freeze process.

There is a disconnect between awareness of credit freezes and how often consumers use them to protect their or their family's identities.

Fewer than one-third of overall survey respondents had frozen their credit at one time for any reason; only 3% of consumers froze their credit after receiving a data breach notice.

Confusion and incorrect information about the process, cost and impact on credit scores caused a significant number of consumers to avoid freezing their credit.

This includes creating a common system where consumers can freeze or thaw their credit without contacting each Credit Reporting Agency.

News URL

https://www.helpnetsecurity.com/2021/12/22/consumer-credit-freeze/