Equifax (EFX) will enable Ontario residents in Canada to place a free credit lock on their credit reports starting July 1, under the province's Better for Consumers, Better for Businesses Act, the company said Thursday.

A credit lock, also known as a credit freeze, restricts lenders' access to a consumer's credit report when evaluating new credit applications, helping reduce the risk of identity theft and fraud, the company said.

The service will not affect credit scores, and consumers will be able to activate, remove, or temporarily lift the lock through Equifax's online platform, by phone, or by mail, the company added.