Effect of Freezing reports?

[IodineNightSky]

I’ve gotten all the cards I want/need and am planing to buy a house in a year - so I’m not willing to take on any new accounts or hard pulls until then.

With all the data breaches I’m a bit paranoid, so I’m considering freezing all my reports.

If I do so, it will not stop my current creditors from updating as usual correct?

Also, it won’t affect my ability for monitoring through MyFICO (I do the paid subscription) and CK right?

Lastly, I do still want to attempt CLIs w the creditors that only do SPs (BofA, Amex, Cap One, Disco) - will freezing my reports block them from doing SPs to consider my CLI requests?

Any cons to freezing my reports that you can think of given that I don’t want to open any new accounts or take any HPs for a year?

[Anonymous]

Current lenders will be able to update and SP as usual. New accounts that don’t take a pull will still be able to be added. The only thing that changes is you can’t get an HP. 

I did have to unfreeze the first time for myFICO to be able to establish service for me but if you already have service, it probably won’t be an issue. 

Credit Karma and the others worked fine for me but Discover Scorecard site will tell you to unfreeze for it to be able to update Experian. 

There aren’t any real downsides but make sure you freeze them instead of locking them and when you freeze Equifax, make sure to make a myEquifax account to manage your freeze because if you don’t, an identity thief can make an account for you later and thaw your EQ (big gaping security risk but what do you expect from EQ)? Make sure you save all three of your PINs somewhere safe in case you need to call the automated system or send in mail to get your freezes lifted for some reason (especially Experian because you will need it online too). 

[IodineNightSky]

Great info. I didn’t even know that freezing and locking were two different functions.

[Anonymous]

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@IodineNightSky wrote:
Great info. I didn’t even know that freezing and locking were two different functions.

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Freezing is federally mandated and has backups (like the ability to call the automated system with your PIN). Locks are offered by the credit bureaus and are not regulated like freezes are. They have a laundry list of terms and conditions and legalese that security freezes don’t have. 

They can be arguably more convenient, especially since Experian makes you fill out a form every time you want to lift your freeze but gives you the ability to lock and unlock with their app — if you pay for their credit monitoring. That said, it takes me like 3 minutes to fill out the form on my cell phone so it’s not a big deal to me. 

[tussking]

My reports have been frozen for almost 18 months. It's a simple process to unfreeze when needed.

It has never prevented me from getting new credit and when I know I am applying I just go onto the website of EXP or EQ because I can unfreeze TU with a click on the iOS app. IMO with all of the data breaches, it's a must. Most can do a SP but some require an unfreeze.
If you need any additional info please let me know.

[Rebuild2019]

To freeze your accounts do you have to use a separate app for all 3 and is there a fee? I am thinking about doing it, but need more info.
Thanks

[Anonymous]

ok, TU has an app to do it, with backups.

EQ, you go to their MyEquifax site to freeze unfreeze, with backups, like 1-800 number in case website is down.

EX, I've only got mine locked, haven't went thru the trouble of the form on the site, like @Saeren stated.