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A credit freeze is free in Canada and prevents new fraudulent accounts from being opened in your name. Here is how to do it.
A credit freeze — also called a security freeze — is one of the most powerful fraud prevention tools available to Canadians. When you freeze your credit file at Equifax Canada and TransUnion Canada, most lenders cannot access your file to approve new credit. This effectively prevents identity thieves from opening new accounts in your name, even if they have your personal information.
| Feature | Credit Freeze | Fraud Alert |
|---|---|---|
| Protection level | High (blocks file access) | Moderate (requires extra verification) |
| Affects applying for credit | Yes (must thaw first) | No (just more verification steps) |
| Cost | Free | Free |
| Duration | Until you remove it | 6 years (Equifax); varies (TransUnion) |
| Both bureaus separately? | Yes | Yes |
Recommendation:
When you're ready to apply for new credit, you can temporarily thaw your freeze:
No. A credit freeze has zero effect on your credit score. It does not show up as a negative item. It does not prevent your score from improving or declining based on your regular credit activity. It simply blocks most new credit applications from going through — which is exactly what you want when you're protecting against fraud.
KOHO's Credit Building feature reports your monthly payment to Equifax — helping you build a Canadian credit history without a credit card. Starting at $7/month or free with KOHO Extra.
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