What's goin on fico forum, I have a few questions about the benefits and not so good idea about freezing my reports as I'm gardening.
1. Can new accounts be added while frozen?(that may not have reported yet) Yes
2. What happens when you apply while files are frozen? Denial, because CR is not available
3. Let's say a collection comes outta nowhere, can it be added while frozen? Yes
4. How easy is it to lock and unlock the freezes? Fairly easy
5. Will my scores continue to update on my credit monitoring services daily, monthly etc......? With lock, yes. Not sure about freeze
Thanks again in advance for all your knowledge and inputs, Have a blessed day!
Locking/freezing reports is good for security reasons, but it wont stop derogs from being reported.
If you're planning on applying, you will need to remove lock or freeze, otherwise what's the point
Both do the same thing, however freezes are legally mandated and regulated, so if something was to go wrong, you have certain legal protections afforded to you
Lock is a service provided by CRA, and it offers no legal protection in case some kind of unauthorized access occurs.