Credit freezes are most beneficial for individuals who have experienced identity theft, advises Clark Howard. Individuals who regularly need to permit access to their credit reports should not freeze their credit.
A credit freeze prevents access to an individual's credit report, note's Clark Howard. It can block an identity thief from obtaining credit cards in someone else's name. Credit freezes do not affect already-existing credit relationships.
Individuals who opt to institute a credit freeze should do so with all three credit bureaus -- Experian, TransUnion and Equifax -- to ensure full protection, explains Clark Howard. Freezes usually come with a nominal fee from each credit bureau, except in cases of identity theft. The bureaus charge an additional fee to unfreeze the file.