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Fred W. Hargis Jr

Freezing Your Credit Question.

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for you gals/guys in the know. How does freezing your credit affect your credit score. Also, does a freeze stay in effect forever (until you cancel it?). I know there is a small charge to freeze/thaw, but I'm wondering about the other effects.

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A cheaper alternative is to have each credit reporting agency issue a fraud alert. 

A freeze will sooner or later need to be lifted. A fraud alert stays in force.

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I froze ours at all 3 agencies. It doesn’t affect your credit score. In Pennsylvania, if you are over 65, there is no charge for the freeze. Gene is correct about the lifting- that can be a pain and I’m not sure of the cost. From what I read, the freeze only affects opening new accounts. Creditors that you already do business with can still access your records but no one can make any changes. Something I recently learned, for Discover cards, you can place an additional code word on your account. Anyone trying to make a change to the account must. Also provide that additional code word.

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https://clark.com/personal-finance-credit/credit-freeze-and-thaw-guide/

This is what I used to guide me.  I also signed up with Credit Karma that does a monitoring and will show you your credit scores upon request.

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Since we have been involved with the Target hack, the Anthem hack and a couple of others, we froze ours several years ago.  In Indiana there is no fee for a freeze but here's something that you need to know.  You'll be issued a PIN from each reporting agency to unfreeze it if and when you need it so store the PINs in a safe place. Don't lose it because it is a pain to get another. DAMHIK   On a side note, a couple of years ago Dorothy and I both subscribed to the identity theft protection provided through AAA and backed by Experian.  There is a free program but we opted for the paid one because the protection was better.  It is $8.95 a month (per person) and actively monitors your credit and ID.  I never thought I'd need it but I sleep well at night because of it.  No paid plug, just free information.

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Thanks guys. Keith, it was a blurb on the news by Clark Howard that got me to thinking about this. I did sign up at Credit Karma, and we have the monitoring thing from the Equifax breach. Even so, I'm thinking I'll freeze my credit...the thing is it's used for so many non-credit things anymore (like insurance policies and so) on I'm just curious about the collateral damage.

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I don't know what this credit thing is. I see the advertisements on scores a person might have or have not.

 


So now they are adding freezes and thaws. Oh my, whats next.????

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I think the freeze/thaw came about to avoid being legislated, or maybe it was legislated...not sure. But it good to do if you are worried about identify theft.

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You got it right.  A freeze affects nothing n your score.

It prevents any one from using   those agencies  to obtain credit.

IT does not stop some one from obtaining credit outside of those agencies but pretty much no one will do that save for a few of those auto dealerships who don't check credit and lend to any one.  But they they can't report it if the person fails to pay.  Their recourse is to go confiscate the car.

 

Then when you want to unfreeze it you just have to resurrect the information   such as account data and Passwords and away you go.

 

 

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