Freezing credit is a sound choice that would prevent a potential ID thief from opening accounts in your name. Banks and other creditors wouldn't have access to your credit report, but not all of them require a credit check. A potential thief would still be able to open accounts with those other creditors. A credit freeze also wouldn't stop the thief from resorting to other identity-related activities and wreaking havoc on your finances. It also wouldn't work for any existing accounts that have already been compromised.