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The newest personal finance trend sweeping social media: Freeze your credit.

A credit freeze refers to blocking access to your credit reports, which are kept by three national credit bureaus — Equifax, Experian, and TransUnion. Since lenders check those reports as part of their approval process, the freeze prevents would-be identity thieves from taking out a loan or opening an account in your name.

But what’s behind it?

For some, it’s fear that the Department of Government Efficiency’s shakeup of government agencies could make consumer databases more vulnerable just as staffing and budgets are shrinking. For others, it’s concern about the increasingly sophisticated phishing emails and imposter scams that surface every tax season. Either way, it’s a good proactive measure whenever you’re worried that private details could get into the wrong hands.

And there’s no real downside: Freezing your credit is free and simple. Here’s how to do it.

•   Contact each of the bureaus separately, either online or over the phone. Here are the online links:
Equifax, Experian, and TransUnion.

•   Follow the prompts to request a freeze.

•   If and when you need your credit reports to be accessible again (when you’re buying a car or house or applying for a credit card, for example,) you must unfreeze them. It takes about an hour, and you can lift the freeze either temporarily or permanently.

You can also place a fraud alert on any of your three credit reports (the bureau you contact is required to tell the other two bureaus, so you only have to do it once.) A fraud alert doesn’t put a freeze on your credit, but it does safeguard you by telling lenders to check with you before opening an account in your name. It lasts for one year.

Another way to protect yourself: Sign up for credit score monitoring so you’ll get alerts about suspicious activity. (For SoFi members, it’s free.)

So what? Identity theft costs billions of dollars each year, and when criminals get their hands on your personal information, it can wreck your credit score and lead to legal problems. Freezing your credit is an easy way to reduce the risk.

Related Reading

•   Freezing Your Credit Files Online: Step-by-step Guide With Screenshots (U.S. PIRG)

•   Top Scams of 2024 (Federal Trade Commission)

•   Credit Freeze vs. Credit Lock: What Is the Difference? (SoFi)

photo credit: iStock/FTiare

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OTM20250312SW

The SoFi Invest Active or Robo Taxable Account 1% Match Promotion (“Offer”) is governed by the following Terms & Conditions:

1.   Offer – Subject to these terms and conditions, eligible customers earn a 1% Match (“1% Match”) when transferring at least $5,000 in Net Deposits (as defined below) from SoFi Money or SoFi Checking & Savings into a new SoFi Invest Active Brokerage or Robo taxable account (each, a “New Invest Account”) during the Offer Period (defined below). The 1% Match will be based on the total net deposits in a New Invest Account via incoming ACH contributions during the Offer Period less any outflows or withdrawals (“Net Deposits”) and maintained through the end of December 31, 2025 (the “Holding Period End Date”). The Match will be paid in cash after the Holding Period End Date in January 2026 and deposited into the New Invest Account. Deposits into multiple new taxable accounts (Brokerage or Robo) may not be combined to total $5,000.

  This Offer is made by (i) SoFi Securities LLC with respect to SoFi Active Invest taxable accounts and (ii) SoFi Wealth LLC with respect to Robo taxable accounts.

  SoFi reserves the right to change or terminate this promotion at any time without notice.

  Example 1: If you open a new Robo taxable account and contribute $5,000 during the Offer Period, and do not make any additional contributions or withdrawals for the rest of the year, you will be matched 1% equaling $50.

  Example 2: If you open a new Brokerage taxable account and contribute $10,000 during the Offer Period, and make a withdrawal of $3,000 before the Holding Period End Date, you will be matched 1% of $7,000 equaling $70.

  Example 3: If you open a new Brokerage taxable account and contribute $5,000 during the Offer Period, and make an additional contribution during the Holding Period, you will be matched 1% of $5,000 equalling $50.

2.   Offer Period – The Offer Period will run from March 12, 2025 to midnight on April 12, 2025, or until such date as may be extended at SoFi’s discretion.

3.   Eligibility – This Offer is solely available to SoFi customers meeting all the following criteria: (1) SoFi Plus membership maintained through the end of the Holding Period End Date; (2) at least $30,000 in SoFi Money or SoFi Checking & Savings balances as of March 10, 2025; (3) no existing SoFi Invest accounts; (4) successfully transfers at least $5,000+ in assets via ACH from a SoFi Money, SoFi Checking or SoFi Savings account into a New Invest Account during the Offer Period; and (5) maintain an open SoFi Invest account with Net Deposits of at least $5,000 in the New Invest Account through the end of the Holding Period End Date.

4.   Limitations – This Offer may not be combined with any other offer.

  If SoFi suspects that there may have been fraudulent activity, or a violation of these Terms & Conditions in connection with the Offer, or a violation of the customer agreement, SoFi reserves the right to either decline to grant the Offer, or to rescind the Offer. SoFi reserves the right to delay granting the 1% Match Promotion if there are indications of fraud or a violation of these Terms.

5.   Not a Recommendation – The 1% Match is not a recommendation to buy, sell, or hold any security, nor is the Offer a recommendation or endorsement of any investment strategy. The Offer is not a recommendation that a customer transfer assets into a SoFi Taxable Invest account, nor a recommendation for any specific product type. There are many factors that an investor should consider before initiating an ACH transfer from their SoFi Money, SoFi Checking or SoFi Savings accounts – an investor should consult with a qualified advisor prior to initiating any transfer of assets.

  Customers that wish to participate are acknowledging the Offer is not investment advice and are participating in the Offer voluntarily.

6.   Taxes – Each investor’s tax situation is unique and SoFi does not give tax advice. Investors should consult a qualified tax advisor prior to making any transfer as sales may affect your tax situation.

  The value of the reward you receive may constitute taxable income. SoFi Securities LLC or its affiliates may issue a Form 1099 (or other appropriate form) to you that reflects the value of the reward. Please consult your tax advisor. SoFi Securities LLC and its affiliates and associates do not provide tax advice.

7.   Other Disclosures – SoFi reserves the right to change the Offer terms or terminate the Offer at any time without notice. The Offer is not transferable, saleable, or valid in conjunction with certain other offers and is available to U.S. residents only. The Offer is only available for personal use, and may not be used for commercial purposes.

  Active Invest self-directed brokerage services are provided by SoFi Securities LLC (“SoFi Securities”), Member FINRA/SIPC. Robo automated investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth“). Brokerage services are provided to SoFi Wealth by SoFi Securities. Clearing and custody of all securities are provided by APEX Clearing Corporation. Any disputes regarding this Offer shall be resolved in accordance with the customer’s agreements with SoFi Securities and SoFi Wealth, and subject to FINRA arbitration rules.

INVESTMENTS ARE NOT FDIC INSURED, ARE NOT BANK GUARANTEED, AND MAY LOSE VALUE

The SoFi Active Invest ACAT 1% Match Promotion (“Offer”) is governed by the following Terms & Conditions:

1. Offer – Subject to these terms and conditions, eligible customers earn a 1% Match (the “Match”) when transferring at least $20,000 in investments from another brokerage firm into a SoFi Invest Active Brokerage taxable or Active retirement account (Traditional, Roth, or SEP IRA) with SoFi Securities LLC (“SoFi”) during the Offer Period (defined below). The Match is calculated based on the total net dollar amount of incoming settled transfers from another brokerage to an individual SoFi Active Invest during the Offer Period less any outflows or withdrawals, capped at $5,000,000 (“Net Transfers”) and maintained through the end of December 31, 2025 (the “Holding Period”). The Match will be paid in cash after the Holding Period in January 2026 and based on a calculation of 1% of Net Transfers as of the end of the Holding Period End Date, and is contingent on Net Transfers being maintained throughout the Holding Period. The Match will be paid into the same account you transferred investments into. Transfers into multiple Active Brokerage taxable or Active retirement accounts may not be combined to total $20,000.

SoFi also reserves the right to change or terminate this promotion at any time without notice.

Example 1: If you transfer $20,000 into your Brokerage IRA account during the Offer Period, and do not make any additional contributions or withdrawals for the rest of the year, you will be matched 1% equaling $200.

Example 2: If you transfer $40,000 into your Brokerage taxable account during the Offer Period, and make an outflow of $5,000 before the Holding Period End Date, you will be matched 1% of $35,000 equaling $350.

Example 3: If you transfer $20,000 into your Brokerage taxable account during the Offer Period, and make an additional transfer of $5,000 during the Holding Period, you will be matched 1% of $20,000 equaling $200.

2. Offer Period – The Offer Period will run from March 28, 2025 – April 17, 2025. This period may be extended at SoFi’s discretion.

3. Eligibility – The Offer is available to customers who have (1) an existing Active Investing Account in good standing or have successfully opened an account during the Offer Period through SoFi Securities LLC; (2) have successfully transferred at least $20,000 in assets via ACAT during the Offer Period; and (3) maintain an open SoFi Invest account with Net transfers of at least $20,000 through the end of the Holding Period. Only assets received through an ACAT transfer are eligible. The transferred assets must be settled before the end of the Offer Period to be eligible for the Match

4. Limitations – This Offer may not be combined with any other offer. The Match will not exceed $50,000 (equivalent to 1% of up to $5,000,000 in Net Transfers).

SoFi does not accept cryptocurrency transfers, and does not accept stocks that trade on OTC, Pink Sheets, and/or most low-priced securities. Check the Invest platform for any associated stocks you may be interested in transferring – if they appear in SoFi Invest, they are eligible to be transferred.

If SoFi suspects that there may have been fraudulent activity, or a violation of these Terms & Conditions in connection with the Offer, or a violation of the customer agreement, SoFi reserves the right to either decline to grant the Match, or to rescind the Offer. SoFi reserves the right to liquidate any security to make up for any shortfall. SoFi reserves the right to delay granting the Match if there are indications of fraud or a violation of these Terms.

5. Not a Recommendation – The Offer is not a recommendation to buy, sell, or hold any security, nor is the Offer a recommendation or endorsement of any investment strategy. The Offer is not a recommendation that a customer rollover or transfer assets into a SoFi Active Invest account, nor a recommendation for any specific account type. There are many factors that an investor should consider before initiating an ACAT transfer – an investor should consult with a qualified advisor prior to initiating any transfer of assets

Customers that wish to participate in the Offer are acknowledging the offer is not investment advice and are participating in the Offer voluntarily.

6. Taxes – Each investor’s tax situation is unique and SoFi does not give tax advice. Investors should consult a qualified tax advisor prior to making any transfer as sales may affect your tax situation.

The value of the reward you receive may constitute taxable income. SoFi Securities LLC may issue a Form 1099 (or other appropriate form) to you that reflects the value of the Match. Please consult your tax advisor. SoFi Securities LLC and its affiliates and associates do not provide tax advice.

7. Other Disclosures – SoFi reserves the right to change the Offer terms or terminate the offer at any time without notice. The offer is not transferable, saleable, or valid in conjunction with certain other offers and is available to U.S. residents only. The Offer is only available for personal use, and may not be used for commercial purposes. Clearing and custody of all securities are provided by APEX Clearing Corporation. Any disputes regarding this Offer shall be resolved in accordance with the customer’s brokerage agreement with SoFi and FINRA arbitration rules.

INVESTMENTS ARE NOT FDIC INSURED, ARE NOT BANK GUARANTEED, AND MAY LOSE VALUE