What's a Credit Freeze and When Should I Use One? Though, if the thief stole your credit card information, that person can use your existing credit card during a credit freeze as well. Remember, scammers don’t need to access your credit report to charge purchases to an already existing account. So, you do need to report the theft to your What is credit freeze? Webopedia Definition (kred'it freez) (n.) Also known as a credit security freeze or security freeze. A credit freeze is a method by which a consumer can limit access to his or her credit report to companies with which he or she has a pre-existing credit relationship, such as mortgage, auto loan and credit card, or a company they wish to enter into a credit relationship with.