In today’s digital age, identity theft and financial fraud are growing threats. High-profile data breaches, like the 2017 Equifax hack that exposed the personal information of 147 million Americans, have made credit protection a necessity. For fiduciaries—individuals legally entrusted to manage someone else’s finances—securing credit is even more critical. A credit freeze is one of the most effective tools to prevent unauthorized access, but how does it work for a fiduciary?
A credit freeze, also known as a security freeze, restricts access to your credit report, making it harder for identity thieves to open new accounts in your name. When a freeze is in place, lenders and other institutions cannot pull your credit report unless you temporarily lift the freeze.
Fiduciaries—such as guardians, trustees, or agents under a power of attorney—often manage sensitive financial matters for vulnerable individuals, including minors, seniors, or incapacitated adults. Freezing credit for these individuals adds an extra layer of security, preventing fraudsters from exploiting their personal information.
Freezing credit for someone you represent requires proper documentation and adherence to legal procedures. Here’s how to do it with Equifax and other major credit bureaus.
Before initiating a freeze, you’ll need:
- Proof of fiduciary authority (e.g., power of attorney, court order, guardianship papers)
- Personal identification (your government-issued ID)
- The individual’s personal information (SSN, date of birth, address)
Equifax, Experian, and TransUnion each require separate freezes. Here’s how to proceed with Equifax:
If you prefer offline methods:
- Call Equifax at 1-800-685-1111.
- Mail a written request with copies of documentation to:
Equifax Information Services LLC
P.O. Box 105788
Atlanta, GA 30348
Since freezes must be placed separately with each bureau, follow similar steps for:
- Experian: Freeze Request Page
- TransUnion: Freeze Request Page
Each bureau will provide a unique PIN or password to lift the freeze later. Store these securely—losing them can complicate future credit transactions.
A fiduciary may need to temporarily lift a freeze if the individual:
- Applies for a loan or credit card
- Rents an apartment
- Undergoes a background check
Using the assigned PIN, you can lift the freeze:
- Online: Log in to the bureau’s freeze portal.
- Phone: Call the bureau’s automated system.
- Mail: Send a written request (allow extra processing time).
Beyond credit freezes, fiduciaries should consider:
A fraud alert notifies lenders to verify identity before extending credit. Unlike a freeze, it’s temporary (1 year, renewable).
Services like Equifax Complete™ provide real-time alerts for suspicious activity.
Review reports annually via AnnualCreditReport.com to detect unauthorized accounts early.
Managing another person’s credit comes with legal responsibilities:
Some states impose additional requirements for fiduciaries placing credit freezes. Check local regulations.
Failing to secure credit could expose the fiduciary to legal action if fraud occurs.
With rising cybercrime, lawmakers and credit bureaus are enhancing protections:
- Biometric verification (e.g., facial recognition for credit applications)
- Blockchain-based identity systems to reduce reliance on SSNs
- Stronger federal regulations on data breaches
For now, credit freezes remain a vital tool—especially for fiduciaries safeguarding others’ financial futures.
By taking proactive steps, fiduciaries can minimize risks and ensure the individuals they represent are shielded from financial harm. Whether managing an elderly parent’s credit or protecting a minor’s identity, a credit freeze is a simple yet powerful defense in an increasingly vulnerable world.
Copyright Statement:
Author: Credit Agencies
Source: Credit Agencies
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