credit freeze
noun[C,usually singular]
ukusECONOMICS,FINANCE
asituationin whichactionsby agovernmentforcebankstostoplendingmoney:
Asignthat thecreditfreezemay bethawingis adropof .01% in theinterestratethatbankschargetoborrowfrom one another.
FINANCEUS(alsosecurity freeze)
aservicethatallowsconsumerstopreventcreditbureaus(=companiesthatcollectandsellpeople'sfinancialinformation)fromsellingtheinformationintheirfiles. Creditfreezesare used forpreventingidentitytheft(= theillegaluse of another person'spersonalinformation):
The newlawallowsresidentstoplaceacreditfreezeontheirreports.
Keep inmindthat acreditfreezewill notpreventathieffrommisusingyourexistingcreditcardsandaccounts.