28 Nov Should young adults freeze their credit reports?

Q. I have two young adult sons, ages 23 and 21, who are just beginning to establish credit. Should they freeze their credit?
— Dad

A. A credit freeze is a very important tool.

There are few people who would not benefit from a freeze.

A credit freeze is a way to block identity thieves from opening new credit cards and other accounts in your name, said Bill Connington of Connington Wealth Management in Paramus.

“Identity theft is on the rise and can cause all sorts of problems for you, the consumer, so, it is a good idea to consider,” Connington said. “However, remember it also blocks you from opening new accounts or credit cards.”

That means before your sons apply for credit, they will need to unfreeze the accounts, at least temporarily.

So, if you want to then you will have to unfreeze it each time.

The big three credit bureaus — Experian, Equifax and TransUnion — all allow you to set a start date and an end date to lift your freeze. You will have to lift the freeze separately with each of the bureaus.

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This story was originally published on Nov. 28, 2023.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.