Current creditors cannot run checks on your report if
the file is frozen.
They absolutely can. A credit freeze doesn't work against
companies with which you have an existing relationship.
They can still check your credit to see if you are paying
other creditors as agreed. The credit freeze will only
block access to your file if the request is for a new
credit or insurance account.
5. Credit freezes
stop prescreened offers for credit and insurance.
No, a credit freeze doesn't remove you from these mailing
lists. If you want to remove your name from the list
provided by Experian, Equifax, TransUnion and Innovis
Data Solutions, the fourth major credit bureau, you
may call (888) 5-OPTOUT or (888) 567-8688 or submit
your request online at optoutprescreen.com.
You can choose to opt out for five years, or permanently.
New creditors who request a frozen report will still
receive it, with a warning of possible fraud.
actually the case with fraud alerts. A credit freeze prevents new creditors from
seeing your credit report. New creditors will only receive a statement saying
the file has been frozen, says Sweet. They will not receive a copy of the report.
You can't check your own credit report or score under a credit freeze.
Credit freezes do not block consumers from requesting their own credit files.
Once set with one credit bureau, the agency will automatically notify the other
two of the credit freeze.
Unlike fraud alerts, credit freezes must be
set up with each of the nationwide credit-reporting
agencies individually. The credit bureau will not notify
the other agencies of the freeze. If you have a freeze
in place and are applying for a loan or a job, you will
need to find out which credit bureau the company uses
and unfreeze the credit file housed by that bureau.
You can thaw a credit freeze within minutes.
As of yet, that's not a reality. Unless you live in
Utah, where residents may lift or remove a credit freeze
within 15 minutes after submitting an online request
-- and even they cannot do that until Sept. 1, 2008.
Wyoming residents will get the ability to thaw their
credit freezes within 15 minutes starting the same day.
Until then, residents in eligible
have to wait up to three business days for freezes to
thaw. So, if you want instant credit, you'll have to
thaw ahead of time.
You can't use your credit cards during a credit freeze.
Despite what the term "credit freeze" might
imply, you can still use your active credit cards without
issue. The only time the credit freeze will pose a hindrance
is when you apply for new credit. Unless you thaw your
credit file, the creditor won't be able to check your
credit report or score.