The claim and what is actually frozen
Claim: Placing a security freeze on your credit lowers your score and stops you using accounts you already have. Verdict: false. The FTC and Consumer Financial Protection Bureau say a security freeze does not affect credit scores. The restriction concerns access to a credit file by prospective creditors, not shutting down a person's existing finances.
The CFPB identifies exceptions that still permit access, including creditors for current accounts and companies hired to monitor the file. Its guidance also says consumers can obtain and review their own reports while a freeze is in place. Freezing access is not the same as deleting a report or repairing inaccurate entries.
Three bureaus require three requests
The FTC says placing or lifting a freeze is free and does not require first becoming an identity-theft victim. To protect the files at Equifax, Experian and TransUnion, contact each company separately. That differs from an initial fraud alert: one bureau must notify the other two about that alert.
A freeze lasts until lifted. Someone applying for new credit can request a temporary lift, and the CFPB says a request made electronically or by telephone must be honored within one hour. Its corresponding deadline for a mailed request is three business days. A paid credit-lock bundle is not required to obtain the statutory free freeze.
Existing accounts still need attention
The FTC's credit-law FAQ confirms that existing credit cards and other accounts remain usable. That convenience has a matching limitation: a freeze does not prevent an identity thief from taking over an existing account, as the CFPB's July 2026 recovery guidance explains.
If unfamiliar transactions appear, contact the institution's fraud department through a verified number or website; do not assume a frozen credit file has already addressed the charge. The CFPB directs identity-theft victims to IdentityTheft.gov for a report and recovery plan. A freeze can reduce opportunities to open new accounts, but resolving stolen credentials, fraudulent charges and inaccurate credit entries can require separate steps.
Sources and further reading
FTC: credit freezes versus fraud alerts ↗
CFPB: security-freeze scope, timing and scores ↗
CFPB: identity-theft recovery and existing-account risks ↗
FTC: New Credit Law FAQs—existing accounts remain usable ↗