Simple English definitions for legal terms
Read a random definition: McCarran Act
A credit freeze is when you ask the government to stop anyone from looking at your credit report. This means that no one can open a new credit account in your name without your permission. It's like putting a lock on your credit so that no one can use it without your key.
A credit freeze is a government-mandated restriction on bank-lending. During a credit freeze, banks are not allowed to lend money to individuals or businesses. This is done to prevent economic instability and protect consumers from taking on too much debt.
These examples illustrate how a credit freeze can be used to protect the economy and individual consumers from financial harm.