Credit Freeze

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cognovimus
Posts: 34
Joined: Sat Aug 10, 2019 1:07 pm

Credit Freeze

Post by cognovimus » Tue Aug 13, 2019 7:39 am

Reading the recent "no CC" thread made me wistful for the bonuses and rewards. We have plenty of CCs, use them liberally, and pay them off when the bill comes. The perks are just too attractive not to: cash back, gift cards, airline mile, and hotel points, even free knife sharpening at WS.

However, for security, we opted to have our credit "frozen" at the three credit reporting agencies since about two years or so. As a result, we've kept our old CCs, but have avoided opening new ones because we would have to "unfreeze" and "freeze" again, which seems like a pain.

Earlier this year, I was opening a bank account as a new customer, and the banker said they would have to run a "soft" credit check, so I mentioned the credit freeze. She acknowledged there was some restriction when she ran the inquiry, but it didn't stop them from opening the account. That sort of made me wonder about how effective the freeze was, but I was depositing money, not borrowing.

For those of you who've had your credit frozen (not just credit monitoring/alert), have you ever experienced a breach where someone was able to open a CC, take out a loan, or otherwise compromise your credit while you had a freeze in place?

Also, if you unfroze your credit temporarily, how much of a hassle was it?

BarDownHockey
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Joined: Sat Jun 15, 2019 3:58 pm

Re: Credit Freeze

Post by BarDownHockey » Tue Aug 13, 2019 7:48 am

I can't speak to your first question. But for the second (how easy to temporarily unfreeze), I've found it incredibly easy. You can do it online at each of the 3 credit bureaus and it took me about 10 mins total. It's free and you can select how long you want the freeze to be thawed (after which it's automatically re-frozen again).

carolinaman
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Location: North Carolina

Re: Credit Freeze

Post by carolinaman » Tue Aug 13, 2019 7:53 am

I have had to unfreeze my credit a couple of times due to businesses checking my credit for one reason or another. They can usually tell you which credit bureau they will use and you only have to unfreeze that one. When you unfreeze, you can specify for how long and the credit bureau will automatically refreeze it. I chose 2 weeks but you could do less. It was simple to do online and there was no charge. There are numerous instances aside from getting a new credit account where you credit will be checked.

JustCurious304
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Joined: Thu Sep 25, 2014 4:35 pm

Re: Credit Freeze

Post by JustCurious304 » Wed Aug 14, 2019 10:17 pm

I have had my credit frozen at the three bureaus for a few years. I never needed to unfreeze it, although it sounds easy. Never had any issues with someone trying to open credit in my name, so it gives me peace of mind.

JBTX
Posts: 5247
Joined: Wed Jul 26, 2017 12:46 pm

Re: Credit Freeze

Post by JBTX » Wed Aug 14, 2019 10:27 pm

cognovimus wrote:
Tue Aug 13, 2019 7:39 am
Reading the recent "no CC" thread made me wistful for the bonuses and rewards. We have plenty of CCs, use them liberally, and pay them off when the bill comes. The perks are just too attractive not to: cash back, gift cards, airline mile, and hotel points, even free knife sharpening at WS.

However, for security, we opted to have our credit "frozen" at the three credit reporting agencies since about two years or so. As a result, we've kept our old CCs, but have avoided opening new ones because we would have to "unfreeze" and "freeze" again, which seems like a pain.

Earlier this year, I was opening a bank account as a new customer, and the banker said they would have to run a "soft" credit check, so I mentioned the credit freeze. She acknowledged there was some restriction when she ran the inquiry, but it didn't stop them from opening the account. That sort of made me wonder about how effective the freeze was, but I was depositing money, not borrowing.

For those of you who've had your credit frozen (not just credit monitoring/alert), have you ever experienced a breach where someone was able to open a CC, take out a loan, or otherwise compromise your credit while you had a freeze in place?

Also, if you unfroze your credit temporarily, how much of a hassle was it?
I play credit card bonus games (or did until I ran out of choices) and have my credit frozen. It is very easy to unfreeze. If I apply for a new card, I just automatically unfreeze all three because it is faster than figuring out what agency the card uses. It might take 5 minutes to unfreeze all three, and I temporarily unfreeze it, as opposed to a permanent unfreeze, and set it to reverse a few days later.

I held out a while on freezing because it seemed like a hassle if I was cc bonus juggling but it really isn't.

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willthrill81
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Re: Credit Freeze

Post by willthrill81 » Wed Aug 14, 2019 10:28 pm

We've had our credit frozen with two bureaus and locked with the other for nearly two years. It's an easy process these days and only takes a matter of a few minutes at most for each of the three bureaus to unfreeze/unlock. We have the login information and passwords stored off-line and encrypted but where we can access them easily when needed. We've had no issues at all and no reports of anyone attempting to take out credit in our name.

In other news, I've had a credit card number stolen four times in the last ~15 years. I wasn't held responsible for a dime, but it's always a pain, especially with correcting the numerous automatic charges to it.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

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abuss368
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Re: Credit Freeze

Post by abuss368 » Wed Aug 14, 2019 10:57 pm

cognovimus wrote:
Tue Aug 13, 2019 7:39 am
Reading the recent "no CC" thread made me wistful for the bonuses and rewards. We have plenty of CCs, use them liberally, and pay them off when the bill comes. The perks are just too attractive not to: cash back, gift cards, airline mile, and hotel points, even free knife sharpening at WS.

However, for security, we opted to have our credit "frozen" at the three credit reporting agencies since about two years or so. As a result, we've kept our old CCs, but have avoided opening new ones because we would have to "unfreeze" and "freeze" again, which seems like a pain.

Earlier this year, I was opening a bank account as a new customer, and the banker said they would have to run a "soft" credit check, so I mentioned the credit freeze. She acknowledged there was some restriction when she ran the inquiry, but it didn't stop them from opening the account. That sort of made me wonder about how effective the freeze was, but I was depositing money, not borrowing.

For those of you who've had your credit frozen (not just credit monitoring/alert), have you ever experienced a breach where someone was able to open a CC, take out a loan, or otherwise compromise your credit while you had a freeze in place?

Also, if you unfroze your credit temporarily, how much of a hassle was it?
Yes we had a credit card opened in our name at an Apple store! We froze our credit and contacted the credit agencies, banks, and Vanguard. We were never responsible and nothing was reported on our credit reports. More of a hassle than anything.
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!"

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abuss368
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Re: Credit Freeze

Post by abuss368 » Wed Aug 14, 2019 10:58 pm

JustCurious304 wrote:
Wed Aug 14, 2019 10:17 pm
I have had my credit frozen at the three bureaus for a few years. I never needed to unfreeze it, although it sounds easy. Never had any issues with someone trying to open credit in my name, so it gives me peace of mind.
I believe what you report to one house is now automatically reported to the other two houses.
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!"

ARoseByAnyOtherName
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Joined: Wed Apr 26, 2017 12:03 am

Re: Credit Freeze

Post by ARoseByAnyOtherName » Wed Aug 14, 2019 11:01 pm

BarDownHockey wrote:
Tue Aug 13, 2019 7:48 am
I can't speak to your first question. But for the second (how easy to temporarily unfreeze), I've found it incredibly easy. You can do it online at each of the 3 credit bureaus and it took me about 10 mins total. It's free and you can select how long you want the freeze to be thawed (after which it's automatically re-frozen again).
This is my experience as well. It was much easier than I thought it would be.

Topic Author
cognovimus
Posts: 34
Joined: Sat Aug 10, 2019 1:07 pm

Re: Credit Freeze

Post by cognovimus » Thu Aug 15, 2019 7:30 am

abuss368 wrote:
Wed Aug 14, 2019 10:57 pm
cognovimus wrote:
Tue Aug 13, 2019 7:39 am
Reading the recent "no CC" thread made me wistful for the bonuses and rewards. We have plenty of CCs, use them liberally, and pay them off when the bill comes. The perks are just too attractive not to: cash back, gift cards, airline mile, and hotel points, even free knife sharpening at WS.

However, for security, we opted to have our credit "frozen" at the three credit reporting agencies since about two years or so. As a result, we've kept our old CCs, but have avoided opening new ones because we would have to "unfreeze" and "freeze" again, which seems like a pain.

Earlier this year, I was opening a bank account as a new customer, and the banker said they would have to run a "soft" credit check, so I mentioned the credit freeze. She acknowledged there was some restriction when she ran the inquiry, but it didn't stop them from opening the account. That sort of made me wonder about how effective the freeze was, but I was depositing money, not borrowing.

For those of you who've had your credit frozen (not just credit monitoring/alert), have you ever experienced a breach where someone was able to open a CC, take out a loan, or otherwise compromise your credit while you had a freeze in place?

Also, if you unfroze your credit temporarily, how much of a hassle was it?
Yes we had a credit card opened in our name at an Apple store! We froze our credit and contacted the credit agencies, banks, and Vanguard. We were never responsible and nothing was reported on our credit reports. More of a hassle than anything.
The CC opened in your name: was this before the credit freeze or after the credit freeze?

stlrick
Posts: 439
Joined: Mon Apr 14, 2008 4:37 pm

Re: Credit Freeze

Post by stlrick » Thu Aug 15, 2019 7:40 am

When the bank opened the checking account for you, they probably did not run a credit check at all. They run a "bank history" report, and the service they most commonly use is ChexSystems. You can freeze your ChexSystems account.
Last edited by stlrick on Thu Aug 15, 2019 8:37 am, edited 1 time in total.

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abuss368
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Re: Credit Freeze

Post by abuss368 » Thu Aug 15, 2019 7:44 am

cognovimus wrote:
Thu Aug 15, 2019 7:30 am
abuss368 wrote:
Wed Aug 14, 2019 10:57 pm
cognovimus wrote:
Tue Aug 13, 2019 7:39 am
Reading the recent "no CC" thread made me wistful for the bonuses and rewards. We have plenty of CCs, use them liberally, and pay them off when the bill comes. The perks are just too attractive not to: cash back, gift cards, airline mile, and hotel points, even free knife sharpening at WS.

However, for security, we opted to have our credit "frozen" at the three credit reporting agencies since about two years or so. As a result, we've kept our old CCs, but have avoided opening new ones because we would have to "unfreeze" and "freeze" again, which seems like a pain.

Earlier this year, I was opening a bank account as a new customer, and the banker said they would have to run a "soft" credit check, so I mentioned the credit freeze. She acknowledged there was some restriction when she ran the inquiry, but it didn't stop them from opening the account. That sort of made me wonder about how effective the freeze was, but I was depositing money, not borrowing.

For those of you who've had your credit frozen (not just credit monitoring/alert), have you ever experienced a breach where someone was able to open a CC, take out a loan, or otherwise compromise your credit while you had a freeze in place?

Also, if you unfroze your credit temporarily, how much of a hassle was it?
Yes we had a credit card opened in our name at an Apple store! We froze our credit and contacted the credit agencies, banks, and Vanguard. We were never responsible and nothing was reported on our credit reports. More of a hassle than anything.
The CC opened in your name: was this before the credit freeze or after the credit freeze?
Before. Someone did it in Chicago at an Apple store!
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!"

Topic Author
cognovimus
Posts: 34
Joined: Sat Aug 10, 2019 1:07 pm

Re: Credit Freeze

Post by cognovimus » Thu Aug 15, 2019 12:44 pm

abuss368 wrote:
Thu Aug 15, 2019 7:44 am
cognovimus wrote:
Thu Aug 15, 2019 7:30 am
abuss368 wrote:
Wed Aug 14, 2019 10:57 pm
cognovimus wrote:
Tue Aug 13, 2019 7:39 am
Reading the recent "no CC" thread made me wistful for the bonuses and rewards. We have plenty of CCs, use them liberally, and pay them off when the bill comes. The perks are just too attractive not to: cash back, gift cards, airline mile, and hotel points, even free knife sharpening at WS.

However, for security, we opted to have our credit "frozen" at the three credit reporting agencies since about two years or so. As a result, we've kept our old CCs, but have avoided opening new ones because we would have to "unfreeze" and "freeze" again, which seems like a pain.

Earlier this year, I was opening a bank account as a new customer, and the banker said they would have to run a "soft" credit check, so I mentioned the credit freeze. She acknowledged there was some restriction when she ran the inquiry, but it didn't stop them from opening the account. That sort of made me wonder about how effective the freeze was, but I was depositing money, not borrowing.

For those of you who've had your credit frozen (not just credit monitoring/alert), have you ever experienced a breach where someone was able to open a CC, take out a loan, or otherwise compromise your credit while you had a freeze in place?

Also, if you unfroze your credit temporarily, how much of a hassle was it?
Yes we had a credit card opened in our name at an Apple store! We froze our credit and contacted the credit agencies, banks, and Vanguard. We were never responsible and nothing was reported on our credit reports. More of a hassle than anything.
The CC opened in your name: was this before the credit freeze or after the credit freeze?
Before. Someone did it in Chicago at an Apple store!
So my concern was whether someone was able to do that while you had a credit freeze on. I was speaking with a friend recently who had such a problem while his credit was being monitored/subject to alerts. Apparently not all businesses were paying attention to that, so there was a further breach while he was supposed to be on an alert. I wondered if I was being overly confident since we have the freezes on.

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abuss368
Posts: 14457
Joined: Mon Aug 03, 2009 2:33 pm
Location: Where the water is warm, the drinks are cold, and I don't know the names of the players!

Re: Credit Freeze

Post by abuss368 » Thu Aug 15, 2019 2:42 pm

cognovimus wrote:
Thu Aug 15, 2019 12:44 pm
abuss368 wrote:
Thu Aug 15, 2019 7:44 am
cognovimus wrote:
Thu Aug 15, 2019 7:30 am
abuss368 wrote:
Wed Aug 14, 2019 10:57 pm
cognovimus wrote:
Tue Aug 13, 2019 7:39 am
Reading the recent "no CC" thread made me wistful for the bonuses and rewards. We have plenty of CCs, use them liberally, and pay them off when the bill comes. The perks are just too attractive not to: cash back, gift cards, airline mile, and hotel points, even free knife sharpening at WS.

However, for security, we opted to have our credit "frozen" at the three credit reporting agencies since about two years or so. As a result, we've kept our old CCs, but have avoided opening new ones because we would have to "unfreeze" and "freeze" again, which seems like a pain.

Earlier this year, I was opening a bank account as a new customer, and the banker said they would have to run a "soft" credit check, so I mentioned the credit freeze. She acknowledged there was some restriction when she ran the inquiry, but it didn't stop them from opening the account. That sort of made me wonder about how effective the freeze was, but I was depositing money, not borrowing.

For those of you who've had your credit frozen (not just credit monitoring/alert), have you ever experienced a breach where someone was able to open a CC, take out a loan, or otherwise compromise your credit while you had a freeze in place?

Also, if you unfroze your credit temporarily, how much of a hassle was it?
Yes we had a credit card opened in our name at an Apple store! We froze our credit and contacted the credit agencies, banks, and Vanguard. We were never responsible and nothing was reported on our credit reports. More of a hassle than anything.
The CC opened in your name: was this before the credit freeze or after the credit freeze?
Before. Someone did it in Chicago at an Apple store!
So my concern was whether someone was able to do that while you had a credit freeze on. I was speaking with a friend recently who had such a problem while his credit was being monitored/subject to alerts. Apparently not all businesses were paying attention to that, so there was a further breach while he was supposed to be on an alert. I wondered if I was being overly confident since we have the freezes on.
Wow! I was not aware of that.
John C. Bogle: "You simply do not need to put your money into 8 different mutual funds!"

MikeG62
Posts: 1945
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Location: New Jersey

Re: Credit Freeze

Post by MikeG62 » Thu Aug 15, 2019 4:10 pm

cognovimus wrote:
Tue Aug 13, 2019 7:39 am

...For those of you who've had your credit frozen (not just credit monitoring/alert), have you ever experienced a breach where someone was able to open a CC, take out a loan, or otherwise compromise your credit while you had a freeze in place?

Also, if you unfroze your credit temporarily, how much of a hassle was it?
Credit reports frozen for several years now. Anytime I have needed to apply for a new CC or an auto lease, I have unfrozen the reports for the appropriate agency. Very easy - all done online. I typically unfreeze for a few days and with automatic refreeze.

To your first question, never had a breach of the type you suggested. I've had cards compromised, but that is a different matter.
Real Knowledge Comes Only From Experience

Hiker-Biker
Posts: 130
Joined: Mon Sep 09, 2013 2:45 pm

Re: Credit Freeze

Post by Hiker-Biker » Thu Aug 15, 2019 4:51 pm

My credit has been frozen for probably 5 years. Look up https://krebsonsecurity.com/. There are 4 credit rating agencies (Innovis is the 4th) and the already mentioned ChexSystems. I have frozen all of five of them. Unfreezing them is less painful than before since it was mandated that it be free in all 50 states last year.

BigJohn
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Joined: Wed Apr 02, 2014 11:27 pm

Re: Credit Freeze

Post by BigJohn » Thu Aug 15, 2019 5:08 pm

Hiker-Biker wrote:
Thu Aug 15, 2019 4:51 pm
My credit has been frozen for probably 5 years. Look up https://krebsonsecurity.com/. There are 4 credit rating agencies (Innovis is the 4th) and the already mentioned ChexSystems. I have frozen all of five of them. Unfreezing them is less painful than before since it was mandated that it be free in all 50 states last year.
This is consistent with my actions (all five frozen years ago). Have unfrozen all of the “big 3” since the. and it was quick and easy. Haven’t had to unfreeze Innovis or ChexSystems so can’t speak to those.

delamer
Posts: 8437
Joined: Tue Feb 08, 2011 6:13 pm

Re: Credit Freeze

Post by delamer » Thu Aug 15, 2019 5:22 pm

It is a minor hassle to “unfreeze” especially for a married couple, because that means 6 different logins if you need to unfreeze at all 3 major bureaus.

No issues with our credit being accessed while frozen.

tioscrooge
Posts: 40
Joined: Wed May 25, 2016 10:01 pm
Location: Pacific NW

Re: Credit Freeze

Post by tioscrooge » Thu Aug 15, 2019 5:27 pm

We have had her credit is frozen for over 10 years. Can’t remember exactly how long.

After we froze our credit, I tried many times to open a credit card at various stores, especially when the cashier would ask that I could get an extra 10% off if I open the credit card with them. I was never able to do this. It was always rejected. This made me happy because that was exactly the purpose of putting a credit freeze that nobody should be able to open a credit card in my name.

When I tried to open an investment account with an investment firm many years ago, my Social Security number came back as invalid. The manager asked me if I had frozen my credit, and I had to show them an actual Social Security card in order to open my account.

Short answer, yes Credit Freeze has worked really well for us..
Whether you think you can or you can not, you will be correct.

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