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Experian Credit Lock

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Super Contributor

Re: Experian Credit Lock

What Experian won’t tell you is that credit locks aren’t regulated like freezes are. They aren’t subject to service up time, backup methods of removal, or legal consequences like credit freezes are. It’s worth the less than 2 minutes to fill out a form to have the legal protection afforded by a credit freeze, not to mention the ability to remove by phone or mail if the online system is down. 



01/2019:
02/2020:

Closed: CareCredit $10K, B&H Payboo $7500
Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 11 of 17
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Frequent Contributor

Re: Experian Credit Lock


@Saeren wrote:

What Experian won’t tell you is that credit locks aren’t regulated like freezes are. They aren’t subject to service up time, backup methods of removal, or legal consequences like credit freezes are. It’s worth the less than 2 minutes to fill out a form to have the legal protection afforded by a credit freeze, not to mention the ability to remove by phone or mail if the online system is down. 


Good to know.

Message 12 of 17
Highlighted
Moderator Emeritus

Re: Experian Credit Lock

@Saeren great explanation! Could not remember the details and you hit it right to the point! This new lock/unlock is more credit bureau "NONSENSE" ... Smiley Sad
Message 13 of 17
Highlighted
Senior Contributor

Re: Experian Credit Lock


@Saeren wrote:

What Experian won’t tell you is that credit locks aren’t regulated like freezes are. They aren’t subject to service up time, backup methods of removal, or legal consequences like credit freezes are. It’s worth the less than 2 minutes to fill out a form to have the legal protection afforded by a credit freeze, not to mention the ability to remove by phone or mail if the online system is down. 


With all due respect, I'm just a tad skeptical of "legal consequences" and "legal protection" supposedly provided by a security freeze. If Experian does and oopsie and lets someone access my credit report while I have a freeze in place I'm going to get a free Harvard legal team to sue their pants off???? Equifax let someone access the personal data files for over half the country, hid that little detail for months, and almost two years later there has not been a single legal conviction or any penalties as a result. The only legal consequences were a couple of the exec management members were convicted of insider trading for thinking it might be a neat trick to sell their stock before the rest of the country found out about Equifax's gross negligence and incompetence.

 

To each their own. I'm completely confident with the security my credit locks provide me, and for me they are more convenient. Security freezes were designed to completely shut down all access to the credit reports after somone who has been the victim of identity theft for the months to years it takes to straigthen all that out. Credit locks were designed to provide protection to prevent identity theft in the first place.


Fico 08: 734/716/734 TU/EX/EQ
Message 14 of 17
Highlighted
Super Contributor

Re: Experian Credit Lock


@DaveInAZ wrote:

@Saeren wrote:

What Experian won’t tell you is that credit locks aren’t regulated like freezes are. They aren’t subject to service up time, backup methods of removal, or legal consequences like credit freezes are. It’s worth the less than 2 minutes to fill out a form to have the legal protection afforded by a credit freeze, not to mention the ability to remove by phone or mail if the online system is down. 


With all due respect, I'm just a tad skeptical of "legal consequences" and "legal protection" supposedly provided by a security freeze. If Experian does and oopsie and lets someone access my credit report while I have a freeze in place I'm going to get a free Harvard legal team to sue their pants off???? Equifax let someone access the personal data files for over half the country, hid that little detail for months, and almost two years later there has not been a single legal conviction or any penalties as a result. The only legal consequences were a couple of the exec management members were convicted of insider trading for thinking it might be a neat trick to sell their stock before the rest of the country found out about Equifax's gross negligence and incompetence.

 

To each their own. I'm completely confident with the security my credit locks provide me, and for me they are more convenient. Security freezes were designed to completely shut down all access to the credit reports after somone who has been the victim of identity theft for the months to years it takes to straigthen all that out. Credit locks were designed to provide protection to prevent identity theft in the first place.


Credit locks and credit freezes are meant to do the exact same thing since the law was past mandating free credit freezes as a result of the Equifax breach. 

I don’t care as much about the legal protections as I do the failsafe ones. TransUnion had an outage on their website for almost a month where I couldn’t log in to manage my freeze but I made a quick phone call and punched my social and PIN in and lifted it over the phone. Like all things that are regulated, the credit bureaus are being held to a higher standard on freezes and can do whatever they please with locks. 

Its up to the individual consumer to decide what they value more in the end but it’s ridiculous that the CRAs aren’t honest about there being a difference up front. 



01/2019:
02/2020:

Closed: CareCredit $10K, B&H Payboo $7500
Hover over my cards to see my limits!
Goal cards: Cash+, Freedom.
Message 15 of 17
Highlighted
Moderator Emeritus

Re: Experian Credit Lock


@Saeren wrote:

@DaveInAZ wrote:

@Saeren wrote:

What Experian won’t tell you is that credit locks aren’t regulated like freezes are. They aren’t subject to service up time, backup methods of removal, or legal consequences like credit freezes are. It’s worth the less than 2 minutes to fill out a form to have the legal protection afforded by a credit freeze, not to mention the ability to remove by phone or mail if the online system is down. 


With all due respect, I'm just a tad skeptical of "legal consequences" and "legal protection" supposedly provided by a security freeze. If Experian does and oopsie and lets someone access my credit report while I have a freeze in place I'm going to get a free Harvard legal team to sue their pants off???? Equifax let someone access the personal data files for over half the country, hid that little detail for months, and almost two years later there has not been a single legal conviction or any penalties as a result. The only legal consequences were a couple of the exec management members were convicted of insider trading for thinking it might be a neat trick to sell their stock before the rest of the country found out about Equifax's gross negligence and incompetence.

 

To each their own. I'm completely confident with the security my credit locks provide me, and for me they are more convenient. Security freezes were designed to completely shut down all access to the credit reports after somone who has been the victim of identity theft for the months to years it takes to straigthen all that out. Credit locks were designed to provide protection to prevent identity theft in the first place.


Credit locks and credit freezes are meant to do the exact same thing since the law was past mandating free credit freezes as a result of the Equifax breach. 

I don’t care as much about the legal protections as I do the failsafe ones. TransUnion had an outage on their website for almost a month where I couldn’t log in to manage my freeze but I made a quick phone call and punched my social and PIN in and lifted it over the phone. Like all things that are regulated, the credit bureaus are being held to a higher standard on freezes and can do whatever they please with locks

Its up to the individual consumer to decide what they value more in the end but it’s ridiculous that the CRAs aren’t honest about there being a difference up front. 


Legally, you hit the nail on the head!!! Smiley Frustrated

Message 16 of 17
Highlighted
Senior Contributor

Re: Experian Credit Lock

I think the locks were designed by the CRAs to try to push people away from freezing their files for 2 reasons: to get around having legal consequences, and to have another product to monetize. As stated, Experians is not free although the others now offer free locks.

Locks do not provide any more protection or different protection. Freezes provide more protection due to legal consequences. I can unfreeze and freeze my accounts at Equifax and TransUnion instantly almost. I’m sure I could do the same at Experian, but since I’m a creditworks member I do use their lock, I admit. I haven’t went through the trouble to convert it to a freeze yet.










(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated DEC'19.

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Message 17 of 17
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