topic Re: My experience freezing my credit reports in General Credit Topics

My experience freezing my credit reports

DeeBee78 — Fri, 05 Jun 2015 20:19:26 GMT

So after my Amex PRG denial, I've decided to go deep into the garden for at least 12 months. I'm going to see what I can accomplish with my current trade lines, and will probably prune a couple of branches (ahem, Comenity) off of my credit tree.

In order to limit my app temptation, I've decided to place freezes on my credit reports. My goal is to emerge from the garden next summer with some larger trade lines, and put myself in a position to app for some premium cards. I still want my two Amex cards (charge + revolver) and my CSP

Here's how the process went with all the major bureaus:

Equifax: was able to place the hold online with no issues.

TransUnion: Tried to place freeze online, received a message stating they were unable to complete my request. Called into phone support, who told me the freeze actually was successful. Requested confirmation letter because I want proof.

Experian: Total nightmare. I can't even get my free credit report from Experian right now, and they won't tell me why. I tried to place the freeze online, and of course it failed. Called into the automated system, and it was successful. I don't know how they think the phone system is more secure than a computer, but whatever.

Re: My experience freezing my credit reports

Ashes — Sun, 07 Jun 2015 17:41:10 GMT

When you freeze your reports, what does that actually do? I suppose a better question to ask would be: does freezing your reports prevent you from obtaining SP CLIs or does it only prevent HPs?

Re: My experience freezing my credit reports

DeeBee78 — Mon, 08 Jun 2015 16:45:22 GMT

@Ashes wrote:
When you freeze your reports, what does that actually do? I suppose a better question to ask would be: does freezing your reports prevent you from obtaining SP CLIs or does it only prevent HPs?

A credit freeze prevents new lenders from seeing your credit reports. It does not affect existing trade lines with lenders you've already established relationships with. It will not affect your ability to obtain a SP CLI, since that lender already has a relationship with you.

Re: My experience freezing my credit reports

Ashes — Tue, 09 Jun 2015 00:49:52 GMT

Okay, thank you for taking the time to respond and clarify that! I appreciate it.

Re: My experience freezing my credit reports

Anonymous — Tue, 09 Jun 2015 01:40:07 GMT

Interestingly, Brian Krebs of Krebs on Security posted an article about credit report freezes.

http://krebsonsecurity.com/2015/06/how-i-learned-to-stop-worrying-and-embrace-the-security-freeze/

While the info posted there is well known to many here, one of the commenters brings up a good point. Companies that lose personal data shouldn't just provide credit monitoring, which is often too little too late, but also assist with freezing credit reports, which can be highly effective. In the meantime, freezing is well advised for those potentially affected and/or not intending to apply for credit in the near future.

While some are aware of the so-called 4th bureau (a misnomer of sorts) Innovis, and may seek to freeze that. However, freezing ChexSystems may be more worthwhile, since often ID thieves will attempt to open a new bank account. Generally, the more bureaus one freezes, better one's security, but also more to keep track of. It's a trade-off...

For many, freezing the big 3 bureaus will be sufficient to thwart many id thieves who will move on to easier pickins.

As for difficulty and expense of freezing, in particular thawing (better) or removing (may be necessary for those on app sprees; rebuilders), that's by design. The credit banking industry seeks credit to be frictionless with little regard to one's personal financial security.

Heck, if card issuers could, they'd send out activated cards ready to use like some did back in the old days until regulations were changed requiring verification prior to activation. Some, often very sub-prime lenders, still do in a round about way with loan checks. A relative of mine received one last year - it was real and all he would have had to do was endorse and deposit. No activation nor verification. A credit freeze would have reduced the odds of him receiving such a loan offer.

Finally, as already pointed out, freezes generally don't affect current, established accounts. Existing lenders can still SP and update as usual. In some instances, there can be issues, but major credit card lenders deal with frozen reports all the time and have procedures in place to deal with that. On an aside, for an existing lender, a consumer with frozen credit reports can potentially be advantageous, since they're less likely to apply for more cards; stick to using the cards they already have.

Re: My experience freezing my credit reports

Anonymous — Tue, 09 Jun 2015 05:12:09 GMT

Thanks for the Krebs article. Very helpful. Liked your observations as well.

Does anyone know the effect that credit freezes have on the myFICO 3-bureau monitoring products?

Re: My experience freezing my credit reports

Scupra — Tue, 09 Jun 2015 05:43:02 GMT

@DeeBee78 wrote:
@Ashes wrote:
When you freeze your reports, what does that actually do? I suppose a better question to ask would be: does freezing your reports prevent you from obtaining SP CLIs or does it only prevent HPs?
A credit freeze prevents new lenders from seeing your credit reports. It does not affect existing trade lines with lenders you've already established relationships with. It will not affect your ability to obtain a SP CLI, since that lender already has a relationship with you.

Not always true actually. Sync is not able to give a SP CLI on my Amazon card unless I thaw TU first. I too keep all my reports frozen to prevent from apping

Re: My experience freezing my credit reports

Anonymous — Tue, 09 Jun 2015 06:43:48 GMT

myFICO is unable to pull through my EX freeze. I do still get monitoring alerts and score updates, but if/when I try to purchase a new 3B report, I get an error for EX and they refund me the cost of the EX portion of the report. I placed my freeze after I was already signed up for monitoring though.

Re: My experience freezing my credit reports

Anonymous — Tue, 09 Jun 2015 13:08:23 GMT

Thanks, dansamy. Good to know. Curious that the freeze acts as a block to EX but not EQ or TU. I wonder if EQ/TU see myFICO as something akin to "an already existing creditor", i.e. an entity that you had an approved relationship with to conduct ongoing softpulls of your credit.

Re: My experience freezing my credit reports

DeeBee78 — Tue, 09 Jun 2015 14:08:41 GMT

@Anonymous wrote:
myFICO is unable to pull through my EX freeze. I do still get monitoring alerts and score updates, but if/when I try to purchase a new 3B report, I get an error for EX and they refund me the cost of the EX portion of the report. I placed my freeze after I was already signed up for monitoring though.

I have the opposite experience.

I just got notified that my auto loan finally started reporting on Experian, and that a collection had just been added (**bleep**???), even though my reports are frozen. I guess it's a YMMV sort of thing.

Re: My experience freezing my credit reports

Anonymous — Tue, 09 Jun 2015 15:31:00 GMT

@DeeBee78 wrote:
@Anonymous wrote:
myFICO is unable to pull through my EX freeze. I do still get monitoring alerts and score updates, but if/when I try to purchase a new 3B report, I get an error for EX and they refund me the cost of the EX portion of the report. I placed my freeze after I was already signed up for monitoring though.
I have the opposite experience.

I just got notified that my auto loan finally started reporting on Experian, and that a collection had just been added (**bleep**???), even though my reports are frozen. I guess it's a YMMV sort of thing.

That's really baffling, DeeBee! YMMV makes sense when it is accounting for the way that a highly tuned model like FICO behaves, where it has many different scorecards and so on, and therefore may score Bob's 1 inquiry differently than Susan's. But the question here is whether the myFICO product can access the data on a frozen Experian report. It would seem like it should be simple: either it can or it can't. It shouldn't be able to access Bob's but not Susan's.

Weird!

Does anyone else have any experiences with this?

Re: My experience freezing my credit reports

6speed8 — Tue, 09 Jun 2015 15:31:39 GMT

I didn't realize you can request a freeze just because you want to. I thought it was if you were a victim of identity theft - which I was. I've got all three flagged with the Extended Fraud Alerts for 7 years - included all documentation, police report,etc. When I received the packet from Experian, it includes a page that says to add the credit freeze, I need to get a copy of the full police report, not just the online summary printed from the police department website. I had to put in an online request to the Records Department for that and still waiting for it.

Re: My experience freezing my credit reports

Anonymous — Tue, 09 Jun 2015 16:00:39 GMT

The distinction is typically one of cost. If you have a victim of identity theft (and have whatever supporting documents they want) then the freeze is free (as is the cost of thawing it I think). But anyone can request one, and in some states the cost is pretty small.

Re: My experience freezing my credit reports

JagerBombs89 — Tue, 09 Jun 2015 18:41:28 GMT

1) I can pull EQ and TU with a freeze in place. I must temporarily thaw EX if I want to pull a report here from MyFICO.

2) In regards to the 3B monitoring, I get frequent updates on EQ and TU with freeze in place while EX gives me occasional updates.

3) With a freeze in place, none of my lenders have been able to conduct a HP on my credit reports. I must first temporarily lift the freeze for that to happen. However, I believe all my lenders can SP through the freeze as I have not received notification otherwise.