All My Friends Are Freezing Their Credit Right Now. Should I?

“I also just froze my credit and it took less than 5 minutes.”

“Done. It was super easy.”

“Y’all’s impact.”

Over the span of a week, it seemed like all my friends had frozen their credit, and I finally caved to the peer pressure. With just a couple clicks, I froze my credit the three major bureaus—Experian, TransUnion, and Equifax—and can attest that the process was quick and painless. But should you freeze your credit, too? If you’re not as easily swayed as I am, keep reading for all the details on a credit freeze, and why now might be the time to enact one.

First of all, what is a credit freeze?

“A credit freeze is essentially putting your credit report in a vault and locking it up tight,” explains Vivian Tu, a former Wall Street banker and the author of Rich AF: The Money Mindset That Will Change Your Life.

“When you freeze your credit, it means that no one can access your credit report without your permission. This is super helpful in preventing identity thieves from opening new accounts in your name because most lenders want to peek at your credit report before giving out loans or credit cards.”

Should I freeze my credit?

Says Tu, “1,000%, yes. Regardless of the governmental climate, freezing your credit is a good idea. The reason why credit freezing is getting more air-time than normal right now is due to shifts in government agencies and people being more cognizant and concerned about newly appointed individuals potentially having access to their personally identifiable data.”

Mitchell agrees, telling Glamour there’s “no downside” if you’re not planning to take out a new credit card, loan, or mortgage. “Also, if companies you do business with have recently been hacked, or if someone has attempted to use your information fraudulently, or expose your personal information, freezing your credit prevents further damage,” she adds.

Does freezing my credit impact my credit score? How do I un-freeze my credit?

We’ve got good news on both counts: Freezing your credit does not impact your credit score, and un-freezing your credit is both easy and free.

Credit freezing is “a tool many people don’t know about, but it can be quite effective in safeguarding your financial identity,” says Tu. All three major credit bureaus have user-friendly online portals that allow you to freeze or un-freeze your credit. If you’re worried about the online-ness of it all, you can also reach out over the phone or by mail.

You can access the credit bureaus’s credit freeze pages here: Equifax, Experian, and TransUnion.

What else can I do to protect or grow my finances right now?

Mitchell suggests a two-pronged solution to managing your finances: “First, do your best to secure your finances,” she says, rehashing tried-and-true advice, including changing your passwords regularly, using unique passwords, and being wary of phishing scams.

And of course, “don’ t share personal information on social media,” she adds. As tempting as it is to share your first pet, or your first car, or the name of you childhood best friend on Instagram, just don’t. (Why haven’t we, as a society, come up with more nuanced security questions yet?)