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CR Freeze Stopping current creditors from pulling a hard.

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Valued Contributor

Re: CR Freeze Stopping current creditors from pulling a hard.


@score_building wrote:

The purpose of a freeze has never been to prevent current lenders from pulling hard and is not a foolproof method to prevent them from doing so.

 

Each of Citi, NFCU and SFB have all pulled hards on my frozen TU recently, it can happen; so recommend that a card holder doesn't bank on blocking current lenders from HPs for much longer... this unintended result of freezing is apparently being corrected presently.


I disagree, creditors can't hard your report if your report is frozen. I recently apped for a Amex card, and they were pulling my EQ report. It was frozen and they couldn't access it without a pin #. This is solely base on my experience and I went through the process myself.

 

Everybody's situation is different, some will want to freeze, others will not. But ppl need to understand they have that option.

Message 11 of 44
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Senior Contributor

Re: CR Freeze Stopping current creditors from pulling a hard.

Maybe the difference is when you're apping vs when you already have an acct. with them. I do believe that EX told me that a freeze would not prevent anyone I had done biz with (and they incl CAs in there, too) from doing a hard pull. Maybe it depends on how the creditor codes their pull.

 

I'm trying to decide if it's worth doing, or if it's just going to cause me more work and not prevent any hard inqs. If creditors seem to have a way of doing a hard pull unless it's for a new acct., then I don't see the benefit of a freeze.

 

I agree about the CLIs. When it comes time for me to ask for those, I *really* don't want more hard inqs!

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Message 12 of 44
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Established Contributor

Re: CR Freeze Stopping current creditors from pulling a hard.

The purpose of freezing your CRs is meant to be a tool for protection from identity theft, not ducking hard inqs.

Message 13 of 44
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Senior Contributor

Re: CR Freeze Stopping current creditors from pulling a hard.


@tntexans72 wrote:

@score_building wrote:

The purpose of a freeze has never been to prevent current lenders from pulling hard and is not a foolproof method to prevent them from doing so.

 

Each of Citi, NFCU and SFB have all pulled hards on my frozen TU recently, it can happen; so recommend that a card holder doesn't bank on blocking current lenders from HPs for much longer... this unintended result of freezing is apparently being corrected presently.


I disagree, creditors can't hard your report if your report is frozen. I recently apped for a Amex card, and they were pulling my EQ report. It was frozen and they couldn't access it without a pin #. This is solely base on my experience and I went through the process myself.

 

Everybody's situation is different, some will want to freeze, others will not. But ppl need to understand they have that option.


Please, by all means, don't have to take my word for it, that you are unaware that it can and does happen is a separate issue. 

 

The take away is for members and others reading not to assume that a freeze is guaranteed to prevent a HP (as has been incorrectly suggested here)

the fact is that is not always the case.

 

Knowledge is power, feel free to take it, or leave it Smiley Happy

 

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 14 of 44
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Valued Contributor

Re: CR Freeze Stopping current creditors from pulling a hard.


@bichonmom wrote:

Maybe the difference is when you're apping vs when you already have an acct. with them. I do believe that EX told me that a freeze would not prevent anyone I had done biz with (and they incl CAs in there, too) from doing a hard pull. Maybe it depends on how the creditor codes their pull.

 

I'm trying to decide if it's worth doing, or if it's just going to cause me more work and not prevent any hard inqs. If creditors seem to have a way of doing a hard pull unless it's for a new acct., then I don't see the benefit of a freeze.

 

I agree about the CLIs. When it comes time for me to ask for those, I *really* don't want more hard inqs!


 

Any creditors can soft your report, companies you do business with can soft your report. But the point of freezing is, they can't hard your report without your permission. I had a collection 10yrs ago cause I was unemployed at the time, I had a CA hard my report without me knowing anything of it. At that time, I wasn't checking my report on a monthly basis and eventually time passes. I don't have any of that issue now, but I don't want unauthorized intrusion into my CR without my permission...even though it's rare.

 

Creditors can soft me as many times at they wish to cause it's not going to effect my score. Those are some of the reasons why I froze my report. Also, I have about 10 hard inquiries on my CR L2 yrs. I really don't want any more unnecessary hard on my EQ without my permission, nor am I looking for any more credit. It's a case by case circumstances and one must analyze their situation accordingly before putting a freeze.

Message 15 of 44
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Member

Re: CR Freeze Stopping current creditors from pulling a hard.

Source: Transunion Security Freeze

 

Are there situations that my credit report will be provided to another party even though it has a Security Freeze?
Yes.  According to state laws, there are situations and organizations that are exempt from the Security Freeze. Your credit report may be released to the following parties for a permissible use even if there is a Security Freeze on your file:

  • Companies that have a current financial relationship with you
  • A prospective assignee of a financial obligation that is reviewing your account for maintenance, monitoring, increasing credit lines, account upgrades and enhancements and collecting the financial obligation
  • State or local agency, law enforcement, trial court, Child Support Agencies or a private collection agency acting on a court order, warrant or subpoena
  • Uses falling under FCRA Section 608 - Disclosures to Governmental Agencies
  • Uses falling under FCRA Section 625 - Disclosure to FBI for Counterintelligence purposes
  • FCRA defined prescreening
  • Any person or entity for the purpose of administering a credit file monitoring subscription service to which the consumer has subscribed providing a consumer with a copy of his or her credit report upon the consumer's request
  • Any person or entity for the purpose of providing a consumer with a copy of his or her credit report upon the consumer's request
  • All other exemptions as allowed by the state where you currently reside.

[Edited to include a citation for the original source of this material, so as to not violate Transunions copyright. ~ Lilmirth]

 

Message 16 of 44
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Valued Contributor

Re: CR Freeze Stopping current creditors from pulling a hard.


@KingAdrock wrote:

The purpose of freezing your CRs is meant to be a tool for protection from identity theft, not ducking hard inqs.



It can be more than just that IMHO. But that shouldn't be the main reason why ppl should freeze their CR.

Message 17 of 44
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Senior Contributor

Re: CR Freeze Stopping current creditors from pulling a hard.

 


@rjd1612 wrote:

Are there situations that my credit report will be provided to another party even though it has a Security Freeze?
Yes.  According to state laws, there are situations and organizations that are exempt from the Security Freeze. Your credit report may be released to the following parties for a permissible use even if there is a Security Freeze on your file:

  • Companies that have a current financial relationship with you
  • A prospective assignee of a financial obligation that is reviewing your account for maintenance, monitoring, increasing credit lines, account upgrades and enhancements and collecting the financial obligation
  • State or local agency, law enforcement, trial court, Child Support Agencies or a private collection agency acting on a court order, warrant or subpoena
  • Uses falling under FCRA Section 608 - Disclosures to Governmental Agencies
  • Uses falling under FCRA Section 625 - Disclosure to FBI for Counterintelligence purposes
  • FCRA defined prescreening
  • Any person or entity for the purpose of administering a credit file monitoring subscription service to which the consumer has subscribed providing a consumer with a copy of his or her credit report upon the consumer's request
  • Any person or entity for the purpose of providing a consumer with a copy of his or her credit report upon the consumer's request
  • All other exemptions as allowed by the state where you currently reside.

So, if you look at that list, the ONLY seeming benefit from a freeze is to prevent hard inq for NEW credit... I've read a lot of people here glad they put freezes on their CR. Maybe it helps them from going app crazy or being impulsive when apping for credit. And maybe it will prevent some hard inq, if the creditor isn't coding it so it will go thru w/the freeze (like as if it were new credit?) I don't know.... just guessing here.

 

 

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*
EQ FICO 750 | TU FICO 761 (Walmart) | EX FAKO 767 | Goal: 800+

Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

Message 18 of 44
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Regular Contributor

Re: CR Freeze Stopping current creditors from pulling a hard.


@KingAdrock wrote:

The purpose of freezing your CRs is meant to be a tool for protection from identity theft, not ducking hard inqs.


No.

 

The purpose of freezing your credit reports is to prevent companies from running your credit the hard way (i.e. with negative impact) that you don't want running the report.  Seems to me that's exactly what others, and I, have done.  Identity theft is only one aspect of it.

 

In your world, I suppose it's perfectly fine that literally ANY company can **bleep** up your credit with one negative tradeline added, and consumers should just break out the K-Y.

 

I freeze my reports for many reasons.  I froze Experian because they effectively blocked me from my FICO score. It was the best decision I ever made, as it's now got NO inquiries showing, no BK, and the remaining derogs which I don't recognize are being disputed.  If they don't delete them, it will be frozen again for another two years.

 

Now, I've got Transunion frozen to allow some of the excess inquiries fall off.  Meanwhile companies are free to pull Equifax which is clean and accurate.

 

The freeze is the most pro-consumer feature of the bureaus.  It allows me to strategically steer potential banking agencies to the "right" bureau to help them make the proper decisions.  Companies like Amex who refuse to run anything else, no Vaseline for them.

Credit Cards:
| Cabrillo Credit Union MasterCard @ $3,000 | Chevron Visa @ $2,000 | Amazon Store Card @ $1,800 | HSBC 2% Rewards MasterCard @ $950 (redeemed themselves)
Message 19 of 44
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Super Contributor

Re: CR Freeze Stopping current creditors from pulling a hard.

Sometime on a whim, I'd apply for a credit card that I do not need.  Having the freeze on my reports helped  fight my addiction submitting applications.  For example, I applied for a Pay Pal card just because they teasing it when I logged in.  The next day, I regretted it.  But fortunately they were not able to pull my report due to the freeze and no new inquiry occured. 

Message 20 of 44
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