Placing a security freeze on your credit report gives you an added layer of defense against identity theft. A security freeze is a request to keep credit agencies from releasing your credit information to creditors unless you give them permission to do so. This doesn’t apply to your current creditors, collection agencies, state/local agencies, credit monitoring agencies, or companies that sell credit reports to consumers.
Security freezes can be beneficial if you want maximum control over your credit, may be or are a victim of identity theft or fraud, or foresee no credit needs in your future. The drawback to a security freeze is it may take longer to be approved for any credit applications. If you decide to place a freeze on your credit report and you live in Tennessee, all you need to do is contact each of the 3 major credit reporting agencies, pay a fee ($7.50 in Tennessee), and prove your identity.