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Thread: Anyone else thinking of freezing credit?

  1. #16
    Join Date
    Sep 2007
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    Upstate NY
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    I just signed up for trueidentity. It is free and let me freeze (and unfreeze) my Transunion report for free. It also txts me if anyone requests a report.

    Anyone heard of it?

    Any yes Stan, it is an incredibly stupid system. Perhaps now it will be improved. Probably not. News tonight is that the powers that be are going to reduce controls on the credit agencies. Right.

  2. #17
    Join Date
    Jun 2010
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    Upland, CA
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    Quote Originally Posted by George Bokros View Post
    From the experian website -----


    Security freezes are designed to prevent a credit reporting company from releasing your credit report without your consent. However, you should be aware that using a security freeze to take control over who is allowed access to the personal and financial information in your file may delay, interfere with or prohibit the timely approval of any subsequent request or application you make regarding a new loan, credit, mortgage, insurance, government services or payments, rental housing, employment, investment, license, cellular telephone, utilities, digital signature, Internet credit card transaction or other services, including an extension of credit at point of sale.
    That's just their disclaimer that anything COULD happen. The key words are "may delay".

    If you look at the sections on each CRA where they explain a credit freeze, it will say they don't stop insurance inquiry (INS), employment inquiry (EMPL), the regular checks from your existing creditors (AR or AM), or the general inquiries (UR). They also don't stop inquiries from the CRAs for you to look at your own credit.

    Promotional inquiries (PRM) can be disallowed by themselves. This is sometimes called "opting out of pre-screened credit offers" but will also stop other offers.

    The important part of a freeze is to stop inquiries coded INQ, which is generally called a Hard Inquiry. These are the inquires that count on your credit scores and are shown to other people pulling your credit report. These are required by Credit Grantors for new credit. These are what is needed for an unauthorized person to obtain credit in your name - Identity Theft.

  3. #18
    Join Date
    Mar 2003
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    SE PA - Central Bucks County
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    Quote Originally Posted by Wade Lippman View Post
    I just signed up for trueidentity. It is free and let me freeze (and unfreeze) my Transunion report for free. It also txts me if anyone requests a report.

    Anyone heard of it?

    Any yes Stan, it is an incredibly stupid system. Perhaps now it will be improved. Probably not. News tonight is that the powers that be are going to reduce controls on the credit agencies. Right.
    If you are going to freeze, you need to do it at all three bureaus. Freezing only at one isn't going to work out in the end if you are targeted.

    There are links to all three bureaus in this article. Equifax will freeze for free; the other two have a small fee:

    https://www.nbcnews.com/business/con...breach-n800776
    --

    The most expensive tool is the one you buy "cheaply" and often...

  4. #19
    Join Date
    May 2007
    Location
    Fort Smith, Arkansas
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    Cost to freeze varies from state to state. Evidently Arkansas is a free state since I just froze my credit report at 4 places with no charges. WARNING. You will be given or ask to make up your own PIN. Do NOT lose this PIN. You will not be able to unfreeze in the event you apply for new credit or other matters that involve a credit check. It can be done but is a real hassle I've been told. A NYT's article recommended freezing at a company named Innovis as well as the big 3.
    The problem with humanity is: we have paleolithic emotions; medieval institutions; and God-like technology.

  5. #20
    Quote Originally Posted by Stan Calow View Post
    Its not about people charging your accounts, its about identity theft. If I have your name, SSN, & birthdate, I can apply for credit cards in your name, have them sent to my address, and charge them to the max, leaving you to pay. The credit reporting bureaus just tell the lender or card company that your credit is OK. Thats what the danger is in this security breach. Freezing it means the credit reporting bureaus cannot respond to those lenders, preventing the thief from opening an account in your name. Nothing to do with existing accounts.

    The stupid system we have, where creditors beg you to apply for more and more credit cards leaves us all vulnerable. Next time you get one of those solicitations for a credit card in the mail, take a look at the application, and see how little information it takes for someone to apply for a credit card, and think about how much of your personal information they need to do it in your name.
    This really isn't true. The fact is that yes, it can happen, and yes it's a miserable experience, but the creditor is the ultimate responsible party for setting up an account and not doing their due diligence.

    My business accepts credit cards.. If I process a card that is fraudulent (don't check the sig, don't check for id) the funds are IMMEDIATELY taken back from me. And I am out.

    My bank accounts are fdic insured to 250k.

    I'm not saying it's not an issue but the liability is on the creditor... And yes the headache is on the individual..
    Sometimes I just want to look at pretty pictures,... Thats when I go to the Turners Forum

  6. #21
    Stan is correct. It's the identity theft that's the real issue. Somebody could buy a car or boat or sell your house or your stocks if they have all your identity info.
    Mike Null

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  7. #22
    Quote Originally Posted by Mike Null View Post
    Stan is correct. It's the identity theft that's the real issue. Somebody could buy a car or boat or sell your house or your stocks if they have all your identity info.
    And the entity who through their own lack of credential checking, or just by being dooped, would be the party liable for the fraudulent transaction. Again... Not a pleasant experience by any means, but the bank that sold your house out from under you to an individual with fraudulent credentials will almost immediately have their funds withdrawn from them.
    Sometimes I just want to look at pretty pictures,... Thats when I go to the Turners Forum

  8. #23
    Join Date
    Oct 2007
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    Falls Church, VA
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    I didnít know about credit score. I signed up for trans unions TrueIdentity.

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