topic Credit lock Credit Freeze in General Credit Topics

Credit lock Credit Freeze

Anonymous — Fri, 08 Sep 2017 14:24:33 GMT

What is the difference between a freeze and a lock?

I am on transunion website and both of these links are there to choose from:
https://www.transunion.com/credit-freeze/place-credit-freeze
and
https://www.transunion.com/product/credit-lock
and it is confusing the heck out of me.

I see on Experian they use the word lock as well as the word freeze.

Re: Credit lock Credit Freeze

Sandman771 — Fri, 08 Sep 2017 14:31:12 GMT

I froze mine this morning. What impact does this have on SPs and also monitoring like myfico and CK etc. TIA.

Re: Credit lock Credit Freeze

EW800 — Fri, 08 Sep 2017 14:39:29 GMT

I am wondering the same, as far as how this will impact MyFICO, CCT and other services that many of us use.

Re: Credit lock Credit Freeze

Anonymous — Fri, 08 Sep 2017 14:44:14 GMT

Did a Google Definition Search: Definition: A credit lock gives you the power to block access to your Equifax credit file like a security freeze. However, the difference is that this credit lock allows you to lock and unlock your account online easily rather than having to verify your identity every time you want to lift or place a security freeze.Jan 26, 2015

Re: Credit lock Credit Freeze

mattmyFIC0 — Fri, 08 Sep 2017 20:28:25 GMT

The ability to lock/unlock your reports is very handy but will cost you a monthly service fee. It is usually bundled with some other credit monitoring service they are offereing. If you get the Transunion credit monitoring it will include the ability to lock/unlock both your TU and EQ file. You will still have to purchase a different product to have the ability to lock/unlock EX.

I hate paying the monthly fees but I really love the flexibility of being able to control access to my reports without having to go through the freeze/thaw routine.

Re: Credit lock Credit Freeze

Anonymous — Fri, 08 Sep 2017 20:42:30 GMT

I have spent all day trying to figure out if I want to freeze or pay for monthly services so I can just lock/unlock with a swipe. I keep going back and forth with each.

Re: Credit lock Credit Freeze

Anonymous — Fri, 08 Sep 2017 20:48:09 GMT

The termonolgy used here makes me wonder if a lock is as tight as a freeze? The first about this feature?

Re: Credit lock Credit Freeze

Anonymous — Fri, 08 Sep 2017 20:51:08 GMT

Figured I would add what the experian one says for locking:

What is Experian CreditLock?

The ability to control who can access your Experian Credit Report is in your hands. With the touch of a button, you can lock your Report, keeping fraudsters and identity thieves away. If someone attempts to access your locked Report, you’ll be notified with a real time alert. When you want to apply for credit or financing, simply unlock your Report for the application process. Think of it as extra security for your credit.

When locked, your Experian Credit Report is NOT accessible to:

Banks and lenders that check your Credit Report for a credit or loan application.
Companies checking your Credit Report in order to open new utilities, cellular service or apartment rentals.
When locked, your Experian Credit Report is accessible to:

You, as part of your Experian CreditWorks™ membership
Potential employers or insurance companies during the application process
Companies that have an existing credit relationship with you
Collection agencies acting on behalf of companies you may owe
Government agencies in connection to a Child Support claim
Personalized offers from Experian, such as credit card offers, if you choose to receive them
Companies providing pre-screened credit card offers. You can choose to opt out of these offers here.

Re: Credit lock Credit Freeze

DaveInAZ — Fri, 08 Sep 2017 21:01:36 GMT

@EW800 wrote:
I am wondering the same, as far as how this will impact MyFICO, CCT and other services that many of us use.

I've never frozen or locked any CRAs, so someone who has can verify or correct this, but I don't believe a freeze/lock affects credit monitoring services. A freeze/lock prevents anyone from doing a hard pull when applying for new credit. Credit monitoring services, like your creditors, have your permission to review (soft inquiry) your credit report.

On a related topic, I did do prescreen opt out last spring to stop the way too many pre-qual offers w/code for personal loans. It stopped those offers in a week or two, and the only thing it affected was the pre-qual CC pages, they can't pre-qual me for anything. Cap One's site even says to the effect of "oops! We can't pre-qualify you. Are you by any chance on prescreen opt out?" And that's OK with me, not in the market for any new CCs.

Re: Credit lock Credit Freeze

Anonymous — Mon, 02 Jul 2018 06:48:03 GMT

I can assist here and let you know this is what I found.

MyFico, Experian and all basic credit monitoring will remain normal. Wallet Hub will tell you the fact that a lock is on your TransUnion report.

Discover Fico Scoreboard will tell you they can't receive your score because of a credit lock but then if you check your fico in the bank app, it works... Strange but true. O_O. It's possibly because I have two usernames...?

Hope this helps! I keep all three locked atm... But soon I'll only be able to lock two. MyFico is better than Experian. ><