What is the cost associated with placing a fraud alert or credit freeze?

The cost associated with placing a fraud alert or credit freeze is zero cost. This means that consumers can take these protective measures without incurring any fees.

A fraud alert serves as a warning to potential creditors that an individual’s information may have been compromised and that they should take extra steps to verify the person's identity before granting credit. Similarly, a credit freeze prevents new creditors from accessing an individual's credit report altogether, thereby stopping new accounts from being opened in their name without their explicit consent.

Both of these actions are vital tools for consumers to combat identity theft and are made accessible without financial barriers, reflecting the intent of consumer protection laws. This means that individuals can safeguard their credit information without worrying about additional expenses related to fraud protection services.