New Tool Allows You to Put a Freeze on Credit Card Fraud

Credit card owners are soon to get a new tool to help fight fraud. On November 1, credit monitoring behemoth Experian, says it will give consumers the option to freeze their credit report.

Credit report freezing is one way of preventing financial identify theft should personal financial information fall into the hands of an undesirable third party. A freeze prevents your credit history from being accessed by a potential creditor. If a creditor cannot access a credit history than there is a very good chance you or anyone pretending to be you will not be given a loan or a line of credit.

A freeze doesn't guarantee someone cannot acquire credit under your name, however Experain says it is an affordable and quick way for consumers to take action to prevent identity theft in a worst case scenario.