EX frozen: stops a bank from opening account??

[beautybrainsbooty]

So I froze my EX because of their incompetence in reporting. Only two TL reporting and a ridiculous score not encompassing my history. I digress. See my previous rant on EX.  In the meantime, I go to open an account at my local credit union today and they cant get past the initial phase because its frozen. This was for my identity NOT for credit of any sort. So now I have to unfreeze to verify identity?? This is crazy. Anybody have any experience dealing with EX and how freezes work. Im listening...

[Revelate]

It's not EX in this case, it's typical CU policies.  Virtually every CU I'm aware of will do a hard inquiry credit check on initial member application.  Not quite certain why this came about as opposed to major banks whom I can't name a single one that will HP for a checking account; however, in the CU's case you're not simply picking up a checking (share) account, you're actually becoming one of the member/owners of the credit union by joining.

As a result they want to see what sort of assets / risk you are, as any CU is only as strong as it's members in aggregate.

If they can't pull your credit because in this case they partner with EX, and your EX report is frozen, they'll deny membership until you unfreeze your report so they can see it.  Many CU's don't pull multiple bureaus, and instead exclusively pick one of the three for everything.

[beautybrainsbooty]

That is amazing to me and I guess really good to know! I've never (to my knowledge) had a HP when opening an account except with Pentagon. But that was all online and through EQ. If they use EX exclusively, I really can't accomplish my goals there anyway at the moment. I am grateful because:

A) the freeze actually works

B) EX did something correct

the look on the guys face when I told him my Experian was frozen was priceless. A consumer...who knows what's on their report AND how to lock it? I will work on other options. I'd prefer a CU in my area that pulls EQ or TU until I can sort out this experian mess. Sorry for the rant and thanks for the information!!!

[pizzadude]

Yep, this is exactly how freezes are supposed to work ~ they prevent new creditors from being able to pull your reports, which in turn, prevents them from opening new accounts in your name.    As mentioned, most CUs will pull your credit when you sign up, so you'll have to find another CU that doesn't pull EX or you'll have to unfreeze your EX report.

[bettercreditguy1]

+1. to Revelate. I too have a CU Account, they did three HP's in 4 months. One to verify and open the account, one sixty days later when I applied for their Bank Visa/Master Card, and then again thirty days later when I applied for a "car loan". When I inquired why they pulled each time, the response was, "We are not allowed to use a credit report  for transactions that are 30 days after the initial inquiry. Thus three hits, one firm, four months. All will fall off very soon!.

[Shogun]

You can unfreeze it for them to pull if you chose to.

[compassion101]

Can't you just unfreeze it for $10?

Not sure how long it unfreezes or if you have to pay again to refreeze or not, maybe someone here knows the answer to that?