Q. With the Equifax breach, many of our insureds are freezing their credit as is being suggested. Since insurance companies rely on credit reports, how will this work if the insured freezes their credit?
A. According to the FTC, a credit freeze does not affect your credit score and it does not keep you from opening a new account, applying for a job, renting an apartment, or buying insurance. But if you’re doing any of these, you’ll need to lift the freeze temporarily with the pin that you were provided when you freeze your credit. You can lift the freeze either for a specific time or for a specific party. The cost and lead times to lift a freeze vary, so it’s best to check with the credit reporting company in advance.
Certain entities still will have access to your credit report if it is frozen and your report can be released to your existing creditors or to debt collectors acting on their behalf.
View the FTC’s Credit Freeze FAQs for more information.