Credit Freeze: What Are Its Benefits And Its Most Important Advantages?

Credit Freeze: The Only Way To Protect Your Money

A credit freeze (sometimes known as a "security freeze" helps protect you from identity theft and financial fraud.  In this article, we will explain what it is and information about it from A to Z and why you might want to do that, and how you can do it.


Credit freeze

What is a credit freeze? When moving to open a new credit account (such as a new credit card, car loan, or another credit account), one of the first things a credit source will do is check your credit report with one or more national credit bureaus.  This credit report tells them about your credit history and helps them decide whether to accept or decline the new account.

The credit freeze tells the credit bureau that your credit report is locked - if anyone requests your credit report for the purposes of opening a new account, the bureau will not provide it.  This makes it extremely difficult for anyone - including you - to open a new credit account in your name while it is frozen.

There are some exceptions to freezing; Institutions that can still view your credit report under certain conditions.  These include:

  • Companies that provide you with a copy of your credit report for your review
  • Federal government agencies, state and local government agencies (including the judiciary)
  • Companies that use the information for background checks or identity checks such as insurance, employment, or housing
  • Companies that already have an account open with you, including collection agencies that collect a debt you owe
  • Companies that want to offer you pre-approved credit or insurance offers (there is a separate way to opt-out.
  • While freezing your credit makes it very difficult for people to open new accounts in your name, it does not affect any existing accounts (legal or fraudulent) that may have been opened when your credit was not frozen.
  • Just as you can freeze your credit, you can also unfreeze your credit if you need to open a new legitimate account.

Why do you want to make a credit freeze?

  • If fraudulent or suspicious accounts are opened in your name, it is probably wise to freeze your credit.
  • Some people will freeze if this happens.  Since 2018, freezing or unfreezing your credit has been free, so if you do not plan on opening any new credit accounts any time soon, it may be a good idea to freeze your credit as an extra precaution.
  • US federal law, enacted in 2018, states that freezing and unfreezing your credit must be free.  If someone tries to charge you, they will likely try to get you to do "credit insurance," a premium service similar to, but not the same as, the credit freeze offered by many agencies.

  • Freezing your balance does not affect your credit score.

How can you freeze your credit?

To place a freeze on your credit, you need to contact the credit authorities to request the freeze.

It is essential to know that there are three national credit bureaus in the United States, and you will need to freeze each of them.

How can you unfreeze your credit?

Unfreezing your balance works the same way freezing does, just in reverse.  You need to log into each national credit bureau and request to unfreeze your credit.

As with your credit freeze, federal law requires agencies to unfreeze your credit for free.  The law also requires that it take no more than one hour for your unfreezing request to take effect after you request it online.

We appreciate the stress you face when your credit card is lost or stolen, so we make the process of reporting the loss, cancellation, or replacement of your card very convenient and easy.  Please notify us immediately if your debit or credit card is lost or stolen.

When you travel abroad, you can request that a replacement card be sent to you wherever you are, and we will inform you from where you can collect the card.

Reserved Cards: When you reserve your card at one of the Commercial Bank ATMs, it can be returned to you.

What to do if the bank credit card is lost? Or stolen or impounded?

If the card is reserved at an ATM attached to one of the bank's branches, you can inform the same branch, and the card will be returned to you from the same machine.

If the card is reserved at a Commercial Bank ATM that is not attached to one of the bank's branches, the card will be sent to the collection center at the D-Ring Road branch, and you can retrieve it after three to five working days.

Stolen or lost cards: If your card is lost or stolen, you must freeze the card immediately and request a replacement card.  You can simply freeze the card and request its replacement in more than one way.

Internet banking for individuals

  • Please log in to Online Banking.
  • Please select “Card Freeze” from the list of credit cards
  • Please choose the card you want to freeze
  • Please select the card you want to freeze, click on " credit freeze," and then select "Permanently" so that the card will always be frozen.
  • Please enter the valid one-time password that will be sent to the mobile number registered with the bank to block the card.
  • Upon successful completion of the card blocking process, please select “Replace Card” to request a replacement card.

Mobile Banking Services

  • Please log in using the Commercial Bank mobile app
  • Please select "Services."
  • Debit or credit card services should be chosen.
  • Please choose "Permanent Freeze" or "Temporary Freeze."
  • Customer Service Center.
  • Please call the number dedicated to card services 44495095
  • Please choose your preferred language (Arabic/English.)
  • If you want to freeze your card, please select "Option 1".
  • The IVR system will immediately help you to freeze one of your cards temporarily.
  • Your call will be transferred to a customer service representative to assist you in replacing your cards.