@kdm31091 wrote:Opting out simply means you won't recieve prequals. The bureaus can be pulled with no problem though, and doesn't affect apping.
Freezing means the bureau is locked up and can't be pulled when you app for credit. This can be done to reduce "impulse apping". However, if the card you want happens to require a certain pull, you'll be auto declined if the bureau is frozen. Personally, I find it easy enough to control apping on my own without cumbersome freezing of bureaus, but for some it can really be a good thing.
See, that's one thing i'll admit you have better control of. I'll blow through a spend bonus and want to do another app for another juicy bonus. 
Hence, I keep my reports iced. If I DO apply, I know i'll have to go through manual review if I decide to provide a pin. None of my reports will stand up to a hardcore inquisition right now. 
In the good 'ol days, 1 was enough.
I'm still good with 2 freezers instead of 3 (or 6)
In the old days all you had to do was send a letter to Karen @ TRW and she'd pull your card out of the Rolodex and it was done. None of this fancy high tech phone call or faxing or the like 
Opting out stops promotional screening SP's. It does not stop SP's for a permissable purpose.
You opt out globally - one opt out applies to all three credit bureaus. This is done primarily to
reduce junk offers and it works pretty well for that purpose. Opting out does nothing to stop
a person from applying for new accounts.
Credit Freeze stops HP's and prevents new applications that require a HP from going through.
It does not stop SP's for promotional screening nor for other permissable purpose. You will
still receive some junk mail offers with a freeze in place, although the fact that your account has
a freeze in place can be seen on a SP and may reduce some of the junk mail . Some credit
monitoring services have difficulty pulling reports with a freeze in place (*cough*MyFico*cough*),
but the problem is entirely with the report service. CreditKarma has always been able to S-pull
with a freeze and CreditSesame recently resolved their issues. Freezing can be done for several
reasons: securing reports against identity theft; controlling HP happy salespeople when shopping
cars, mortgages, etc.; providing some self discipline against card apps by providing an additional
hurdle to applying.
I have been both frozen and opted out for over a year and am happy with both in place. I recommend it
to anyone because I feel more secure with a freeze in place and I don't need junk offers to figure out
what the best credit products are for my situation.
+
850 FICO8 since 2015, Thanks MyFICO - 5+ years since last HP