As you've probably heard, all three credit bureaus are offering consumers this new "credit freeze" "deal". Well, it's actually not really a deal when you break down the benefits of it. (It's a DEAL for the credit bureaus!)

1.) They're not free and can be costly. First, nobody can get a "credit freeze" at no charge (in most states).  Each bureau charges $10, for a total of $30 (in most states.)

2.) They don't completely prevent identity theft. A credit freeze basically locks your credit file so creditors and others can't look at it. The "idea" of this tool is if lenders can't check your credit, then an ID thief can't open any new accounts. Problem: ID thieves often use existing accounts, or what is better coined by Jay Peters as "Credit Hijacking." This is where an ID thief calls up the bank, and changes your address withyour personal information (SSN, mothers maiden name, etc.) Now the ID thief can use that account since the zip code ofthe transaction will match that of thethief.

3.) Freezes do not stop a thief from using your existing credit Next, ID thieves can also add themselves to existing accounts youalready have, if they don't routinely do credit checks. For example, cellphone and utility companies.

4.) Your credit report can still be accessed and updated In addition, lenders and credit card companies who you have existing accounts with can still get access toyour credit report by issuing updates to it.

5.) You are charged for "thawing" and "freezing" your reports each time. Plus, if you need a loan (i.e. auto,refi, etc.) or any kind of product or service that requires a credit check (i.e. insurance), you will need to"thaw" your credit freeze, and that could cost you another $30. Plus, if you want your reports frozen again, that could cost you another $30 bucks. It won't prevent bad debt from locating you. Furthermore, a freeze won't prevent a company from accessing your credit report to locate you if you owe them money, and law enforcement agencies and the courts would be able to subpoena your reports.

Conclusion: If you're trying to enhance your credit score, my opinion is there is a much better tool available. It doesn't limit you from getting credit - and it's FREE. It you don't know what I am talking about, I guess you'll have to email me." This option lasts 90 days, and is renewable for free. You can also call or write all three credit bureaus and get a free copy of your credit reports.