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Thread: Freezing my credit?

  1. #1
    Featured Member Naida's Avatar
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    Default Freezing my credit?

    Ok, recently, I became aware that I could very likely be the victim of identity theft. Doing as I was told like a good girl, I automatically checked for changes in my credit score (I have created no credit myself as of yet-no utility bills, wireless contracts, financing on purchases, etc- so even having an established score would mean that some one has stolen my identity) and was thankful to find no change. But it definitely got me a lot more concerned about my financial security.

    While fraud alerts are well-intended, I am in no way naive enough to believe that they're a cure-all for the risk. I know that a lot of lenders will see them and, though they're supposed to take "reasonable precautionary steps", they often end up ignoring them because issuing the credit gives them a chance to profit and what those steps are have not been clearly outlined. If some one who is stealing my identity has my SSN, how do I know that a lender isn't going to ignore that redflag and issue credit anyways?
    So in my reading today, I came across an article about freezing your credit all together. It doesn't affect any current credit I have established- ie, it won't bother a cell phone contract as long as I got the contract before the freeze- but prevents any future credit from being established. It's more complicated to get than fraud alerts, and comes at a price, but at $10 to place or remove and $10-12 to lift (if I'm reading correctly, you lift if you want to establish future credit with a single lender and remove for a full "thaw") in my state, I don't see that as putting a dent in my wallet if it's providing safety. After all, what's an extra $12 to get my lights cut on, as long as I know for a fact that it's ME who's doing it!

    Thoughts/opinions? If I seem fuzzy on some aspects and you know more, feel free to fill me in. Even though I have no credit as of right now, do you think it's a good option for me to establish one line of credit soon and freeze? I'm not paranoid about some stranger stealing my identity or anything, but I'm well aware that a certain number of people beside myself do have my SSN and CAN steal my identity.
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    Banned Melonie's Avatar
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    Default Re: Freezing my credit?

    Personally, I shy away from the 'credit freeze' possibility ... not because it's a bad idea, but because it has the potential for creating all sorts of confusion with the boneheaded idiots at most credit card call centers ! While it's SUPPOSED to be a simple matter to lift a self-imposed 'credit freeze', in the real world this hasn't been the case ( in personal experience at least).

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    God/dess Gia2608's Avatar
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    Default Re: Freezing my credit?

    I have Bank of America and pay $12.99 monthly for credit protection which includes monitoring and insurance, it's kind of reasonable compared to other companies. It sucks that I have to pay for it, but I also pay %10 more in insurance every month to protect me from uninsured motorists so def. worth it as ID theft had become completely rampant!!!!

    If I were you I would A) establish credit B) keep my score as high as possible (coming from someone who f'd up their credit then spent years and big bucks to fix it) and C) monitor and insure it.
    XoXo Gia
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    Default Re: Freezing my credit?

    After my parents (yes my own parents) went crazy with my SSN a few years ago I had a fraud alert put on my credit. It was free, and I think it only lasts for like 7 years, but anytime anyone-myself included- applies for anything in my name or with my SSN, I get a phone call on my cell phone. I love it. I'm alerted of any weird shit that shouldn't be happening, and that's all I really need. And I don't think I've been denied any credit because of the fraud alert. But I really don't understand what a freeze does or means, so maybe you could explain that some more?

  5. #5
    AudreyLeigh
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    Default Re: Freezing my credit?

    I had my credit frozen. When I went to buy a house it was a HUGE pain. I was easily able to unfreeze Equifax and Transunion but Experian likes to put my current addresses as old addys and old ones as current. So, I couldn't unfreeze it. FHA only needs 2 bureaus but Wells Fargo wanted 3... while the loan was in underwriting I found this out and had to change my lender. OMG I about died... I finally got my unfreeze code last week. Yes, after my loan had already been through underwriting with the NEW lender. If I waited to go through WF I would have lost the house.

    I think the best thing would be to add a fraud alert... I have those on all 3 bureaus and on Telechex and Chexsystems. People cannot write checks to stores or open bank accounts in my name. (Someone made fake checks with my name and wrote them all over the countryside a few years back.) Now I cannot write checks either but who the hell writes checks at the grocery store anyway?

    Sorry for the saga - I thought freezes were great until I needed my credit...

  6. #6
    Featured Member Naida's Avatar
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    Default Re: Freezing my credit?

    I'll definitely be doing alot of thinking on this... Thanks for the opinions.
    Exotic dancing is like any other job.
    If you work in an office, you wear dress shoes and a suit.
    If you work in a restaraunt, you wear skid resistant shoes and a uniform.
    If you work in a strip club, you wear 7" stilettos and lycra g-strings.

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