The Consumer Financial Protection Bureau (CFPB) says most businesses check the customer's credit report before opening a new account in their name. If a business cannot access your credit report file because of a freeze, the company will likely not approve opening a new account in your name.

While putting a freeze on your credit helps prevent others from opening accounts using your information, it does not stop someone from accessing your credit information. The CFPB says certain parties will still be able to see your credit information, including:

Creditors, such as a bank or credit card company, for accounts you currently have open
Certain government offices, like child support agencies
Credit monitoring companies you have hired

It's important to keep in mind that a freeze will also not stop potential identity thieves from accessing accounts that are already open, says the CFPB.