topic Re: Freezing your credit? in Community Chat

Freezing your credit?

Starpolisher — Fri, 21 Jan 2022 11:53:34 GMT

Has anyone here ever done this? Recently my son was sent a letter, from a bank, about opening a credit card that he did not apply for. It said due to his "security freeze" they needed more information. It came to my address and he hasn't lived here in years(which is what made me suspicious). He was't worried and advised me to freeze mine. I know it's a good idea but just how much of a hassle is it if you need to open a new account? He says you have to plan ahead. You have to do it with all three credit reporting agencies. Sometimes, I will open an account, rather than use my main card, just to get a promotion, (i.e., interest free, $Off, etc.) even though I may never use it again. I bought my other son a snow blower for Christmas from Lowe's and opened an account there because it gave me $100 off. (I never go to Lowe's)

Would like opinions from others who have put a "security freeze" on your credit.

TIA Starr

Re: Freezing your credit?

kaydee50 — Fri, 21 Jan 2022 12:43:10 GMT

Your son is correct. DH has frozen his credit several times but if applying for credit or a mortgage you have to remember to unfreeze it. As I recall, there is a password that you have to keep track of in order to undue the freeze. I don't bother.

Re: Freezing your credit?

CelticCrafter — Fri, 21 Jan 2022 12:48:38 GMT

You have to go to each credit reporting bureau to freeze your social security number and they will give you a password or pin number you have to save in order to the lift the freeze.

When you want to lift the freeze you can do it for a few days or remove it completely.

Re: Freezing your credit?

Diamonds22 — Fri, 21 Jan 2022 12:58:54 GMT

@CelticCrafter wrote:
You have to go to each credit reporting bureau to freeze your social security number and they will give you a password or pin number you have to save in order to the lift the freeze.

When you want to lift the freeze you can do it for a few days or remove it completely.

I froze mine 1 time & had a very hard time trying to unfreeze them. It took 2 days trying to get it unfrozen that I said never again. For me it was too much trouble as you have the company that wants to check it the same day & you can't get it done quickly.

Re: Freezing your credit?

tototwo — Fri, 21 Jan 2022 13:03:46 GMT

Years ago, someone stole mail out of my mailbox, and my neighbors' mailboxes. The thieves got enough personal info from my mail for someone to apply for a mortgage in Calif and get a loan on a car in Missouri within a couple days. I froze everything I could! I worked with my bank and the credit unions to get my identity back. It was over a year before my finances were normal again. So, yes, I'm a firm believer in freezing accounts. It's a pain, but necessary.

Re: Freezing your credit?

drizzellla — Fri, 21 Jan 2022 13:20:06 GMT

We have had our credit frozen for years. And it has worked out well - for us.

But we seem to have a different approach to credit cards. I have 2. And keeping track of 2, suits me just fine. I also would like to add I have dealt with quite a bit of fraud especially with my parents when they were in a nursing home. But I also had fraud against my personal account.

Have not had to deal with fraud since freezing my credit. Would like to add that I am retired. Don't plan on buying another house or car or big ticket item. I can always unfreeze to buy them if I choose.

If you open new accounts for a promotion. Freezing your credit won't work out well for you.

Re: Freezing your credit?

jackthebear — Fri, 21 Jan 2022 13:33:42 GMT

@Starpolisher wrote:
Has anyone here ever done this? Recently my son was sent a letter, from a bank, about opening a credit card that he did not apply for. It said due to his "security freeze" they needed more information. It came to my address and he hasn't lived here in years(which is what made me suspicious). He was't worried and advised me to freeze mine. I know it's a good idea but just how much of a hassle is it if you need to open a new account? He says you have to plan ahead. You have to do it with all three credit reporting agencies. Sometimes, I will open an account, rather than use my main card, just to get a promotion, (i.e., interest free, $Off, etc.) even though I may never use it again. I bought my other son a snow blower for Christmas from Lowe's and opened an account there because it gave me $100 off. (I never go to Lowe's)
Would like opinions from others who have put a "security freeze" on your credit.
TIA Starr

yes I did it.

and I only use one credit card, not opening more now, not worth it to save a discount for a card you have attached to you.

Re: Freezing your credit?

San Antonio Gal — Fri, 21 Jan 2022 13:43:22 GMT

@Diamonds22 wrote:
@CelticCrafter wrote:
You have to go to each credit reporting bureau to freeze your social security number and they will give you a password or pin number you have to save in order to the lift the freeze.

When you want to lift the freeze you can do it for a few days or remove it completely.

I froze mine 1 time & had a very hard time trying to unfreeze them. It took 2 days trying to get it unfrozen that I said never again. For me it was too much trouble as you have the company that wants to check it the same day & you can't get it done quickly.

@Starpolisher - @Diamonds22 is correct. It can be a big inconvenience when you need your credit for something. I wouldn't advise doing it. As long as you monitor your credit through one of the many credit reporting agencies, there should be no reason to freeze your credit.

Re: Freezing your credit?

Eileen in Virginia — Fri, 21 Jan 2022 13:53:46 GMT

We froze our credit cards after our identities were stolen in 1997. The Secret Service agent told us it was most likely the new Kohl's credit card DH had opened to get a discount or our new Sprint account. At that time, credit reports contained all the information someone would need to open new accounts, change your address on existing accounts (our situation) or apply for a mortgage or car loan. If I remember correctly, after freezing our accounts we could make purchases up to a certain dollar amount, but couldn't open new ones or apply for loans without the password.

After the theft, we closed a lot of credit cards and didn't need to make any large purchases, so freezing our accounts wasn't a problem. We needed to replace our washing machine several years later and had to provide the password to unlock our credit card to finalize the sale. I think we must have removed it years ago because we've opened new credit cards and bought other large appliances without providing a password.

Re: Freezing your credit?

Ainhisg — Fri, 21 Jan 2022 17:38:57 GMT

We froze our credit after the Equifax fiasco. We did it at all three agencies, and it was easy. I made a copy of the codes that you need to unfreeze the accounts and put the codes in our safety deposit box. My husband was ready to purchase a new vehicle last spring, and we contacted a couple of dealerships to find out what credit bureau they use. Transunion is the one used around here, so we unlocked his Transunion account online and set it to refreeze in two weeks. It was unfrozen in about 15 minutes and froze again when it was supposed to. Easy breezy! Freezing your credit reports is a great way to deter identity theft. No way would I keep mine open.

Re: Freezing your credit?

chrystaltree — Fri, 21 Jan 2022 18:57:20 GMT

Yes, we froze our credit. Everyone should. We have all the credit cards well ever need so I forgot about the freeze until we applied for pre-approval for a mortgage. I had to Google to find out how to do it. I did it through Experian which we use to monitor our credit. Took 10 seconds.

Re: Freezing your credit?

chlema — Fri, 21 Jan 2022 19:32:57 GMT

@chrystaltree I also use Experian to monitor my credit after someone stole my SS# and sent in an income tax return in an attempt to get a refund. Since I do not have to file every year it might have worked but luckily my state sent messaged me with an inquiry before they processed the return. Long story short IRS and state now know what to look for. Should I need to file they issued me a number to use to validate it is me.

Yes, I have my credit frozen with all 3 and if I have to unfreeze Experian will then notify the other 2. They also monitor the Dark Web, my SS # and advise me of any child predatators living in my area. Of course this all comes at a cost $20 a month but it is worth it for peace of mind.

Re: Freezing your credit?

Cats3000 — Fri, 21 Jan 2022 21:10:40 GMT

We have credit freezes at the 3 credit reporting agencies. It was an easy process that we did on line. We wanted to temporarily remove the freezes to allow credit checks. We were able to do that on-line as well. We told the business that wanted to do the credit check the starting and ending date of the freeze release. It is an easy process that is well worth the time. In some cases there is a charge to put the freeze on. It depends on where you live and the reason for the freeze.

Re: Freezing your credit?

lizzys — Fri, 21 Jan 2022 21:43:10 GMT

I froze ours after our credit monitoring company notified us both that people were applying for unemployment using our social security numbers.

There is a mortgage banker on youtube that explains it if you want to know more.

Her name is Jennifer Beeston and the identity theft video is dated Dec. 2, 2021.

Re: Freezing your credit?

CatsyCline — Sat, 22 Jan 2022 00:02:07 GMT

I immediately froze my data on all credit reporting agencies after Equifax breach. None of them charged a fee.

i did this before i knew for sure my ssn had been compromised. later learned my personal info definately had been exposed.

have not needed to unfreeze at this point.

Re: Freezing your credit?

bonnielu — Sat, 22 Jan 2022 12:08:37 GMT

Had a real breach, MD Dept of Labor sent letter to hubby saying he applied for unemployment insurance. Under advice we froze his accounts. And you better believe we did it. No idea what was involved but we froze. And we can go back to the credit bureaus and unfreeze, no problem. But we are going to wait it out. Not buying a cart, not buying a house and not opening up any credit cards.

Re: Freezing your credit?

cotton4me — Sat, 22 Jan 2022 12:43:18 GMT

I have a freeze on my credit. They give you a code so you can unfreeze it at any time. It’s automated, so you give the code and the dates you want it open for credit checks. When I would want to lift the freeze, I usually allowed 1-2 weeks for credit check. It worked fine for me but it’s important to keep the code.

The one area where I had problems was Social Security. The credit freeze affected my ability to apply online so I had to go to the office in person. That could be a potential nightmare these days.

At this point in my life, I can’t see a reason to unfreeze it again so hopefully I no longer have to worry about it.

On another note – my husband died last year and I let the credit bureaus know. I had to send his death certificate. Just a thought for those who have lost spouses. Sometimes criminals use info from obituaries to steal identities.

Re: Freezing your credit?

Kalli — Sat, 22 Jan 2022 18:53:34 GMT

I froze mine. When the bank needed it to process a loan, I unfroze it but since it was a local bank and we've done business with them for a long time, they decided not to wait a few days and gave me the loan anyway. So I froze it again.

Just make sure you keep the code as I'm not sure what happens if you lose it. Probably a long, complicated situation if you don't have that.

Re: Freezing your credit?

Teddixat — Sat, 22 Jan 2022 19:01:07 GMT

@Starpolisher Here is an excellent article on freezing your credit

https://www.northwesternmutual.com/life-and-money/you-can-now-freeze-your-credit-for-free/

Re: Freezing your credit?

Teddixat — Sat, 22 Jan 2022 19:02:47 GMT

@cotton4me sorry for the loss of your husband😥