Equifax Credit monitoring: Fraud Alert vs Credit Lock

What is the difference between locking my Equifax credit file and placing a fraud alert on my Equifax credit file?

The two key differences between a fraud alert and an Equifax credit file lock are in:  (1) who can access your Equifax credit report, and (2) whether your request will be referred to the other two nationwide consumer reporting agencies.

When you lock your Equifax credit report (as part of your eligible Equifax monitoring product), lenders (with some exceptions) cannot access your Equifax credit file unless you grant them permission by temporarily unlocking your file, or creating a PIN for their access.  However, you may only lock your Equifax credit file - it does not lock your credit file at the other two nationwide consumer reporting agencies.  Also, when you lock your Equifax credit file, you may only restrict access to new inquiries.  You cannot restrict access to lenders in which you already have a relationship.

With a fraud alert on your Equifax credit file, lenders (or other requestors) can access your credit file but are notified when they do that they should take steps to verify your identity, such as by contacting you directly, before granting new or additional credit. When you place a fraud alert on your Equifax credit report, Equifax will refer your fraud alert request to Experian and TransUnion so that they will also place a fraud alert on their copies of your credit file.  

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The above article is a repost from Iovation.